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Archives for New Tax Law (2018)

No More Casualty Loss Deductions

Congress eliminated the personal casualty loss deduction with the passage of the tax law last December unless the taxpayer’s loss is in a federally declared disaster. Taxpayers will no longer get tax relief through tax refunds generated by loss deductions….

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Employee Business Expenses Still Deductible

 Don’t throw away your receipts yet! Employee business expenses are still tax deductible on your California income tax return. The new federal tax law eliminated the deduction for out-of-pocket employee business expenses. But state law still allows the deduction. The…

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Where did the marriage penalty go?

The federal “marriage penalty” affects couples whose combined taxable income exceeds $600,000. These couples pay 37% tax on income that exceeds this amount. However, two individuals filing separate returns would not be taxed at 37% until their combined income exceeds…

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You may be under-withheld!

The new tax law lowered income tax rates and eliminated exemptions. It also reduced the state income tax deduction to $10,000 (max) and eliminated deductions for employee business expenses not reimbursed by an employer.   IRS withholding tables issued on…

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New Tax Laws (2018)

Commentary about the new tax laws is fast and furious. We would give you quick answers about the computation of the new business deduction, a possible change in tax status, and other unintended effects if this information were available. As…

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