All Taxpayers Should Plan Ahead for Natural Disasters

Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them.

Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers should:

Update emergency plans. A disaster can . . . → Read More: All Taxpayers Should Plan Ahead for Natural Disasters

Tax Tips for Taxpayers to Consider When Selling Their Home

The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home:

Ownership and use To claim the exclusion, . . . → Read More: Tax Tips for Taxpayers to Consider When Selling Their Home

Taking Care of Business: Recordkeeping for Small Businesses

Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.

Here are some questions and . . . → Read More: Taking Care of Business: Recordkeeping for Small Businesses

Here’s What Taxpayers Should Consider When Determining If They Need to File

As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.

For tax year 2018, all individual taxpayers will file using the new Form 1040. Forms 1040A and 1040EZ are no longer available. Taxpayers who previously . . . → Read More: Here’s What Taxpayers Should Consider When Determining If They Need to File

New 100% Depreciation Deduction Benefits Business Taxpayers

Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service.

Here are some facts about this deduction to help businesses better understand how to claim it:

The 100-percent depreciation deduction generally . . . → Read More: New 100% Depreciation Deduction Benefits Business Taxpayers

Combat Zone Tax Benefits Now Available to Armed Forces Members Who Served in the Sinai Peninsula; IRS Accepting Retroactive Tax Refund Claims Back to 2015

April 13, 2018

Under the Tax Cuts and Jobs Act (TCJA) enacted in December 2017, members of the U.S. Army/Navy/Marines/Air Force/Coast Guard who performed services in the Sinai Peninsula of Egypt can claim combat zone tax benefits retroactive to June 2015. Eligible service members should review Publication 3, Armed Forces’ Tax Guide, available on . . . → Read More: Combat Zone Tax Benefits Now Available to Armed Forces Members Who Served in the Sinai Peninsula; IRS Accepting Retroactive Tax Refund Claims Back to 2015

Taxpayers Should Report Name Changes Before Filing Taxes

When a taxpayer changes their name, that change can affect their taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what a taxpayer should do if anyone listed on their tax return changed their name:

Reporting Taxpayer’s Name Change. . . . → Read More: Taxpayers Should Report Name Changes Before Filing Taxes