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Author Archive for Steve Grgas

sgrgas

Standard mileage rates increase, while higher depreciation limits kick in

Standard mileage rates increase, while higher depreciation limits kick in The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, […]

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sgrgas

New year brings new tax code

New year brings new tax code January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts and Jobs Act makes sweeping changes to the nation’s tax laws. Many of these changes take effect January 1. Everyone – especially individuals and business owners – needs to […]

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sgrgas

How Do I? Use Section 529 plans for elementary and secondary school tuition

How Do I? Use Section 529 plans for elementary and secondary school tuition The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary […]

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sgrgas

FAQ: Can I still convert regular IRAs into Roth IRAs?

FAQ: Can I still convert regular IRAs into Roth IRAs? Yes, conversions from regular (traditional) tax-deferred individual retirement accounts (IRAs) to Roth IRAs are still allowed after enactment of the Tax Cuts and Jobs Act. In fact, in some instances, such Roth conversions are more beneficial than they were prior to 2018, since the tax […]

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sgrgas

January 2018 tax compliance calendar

January 2018 tax compliance calendar January 4 Employers. Semi-weekly depositors must deposit employment taxes for Dec 27–Dec 29.   January 5 Employers. Semi-weekly depositors must deposit employment taxes for Dec. 30 and Dec. 31, Jan 1 and Jan 2.   January 10  Employees who work for tips. Employees who received $20 or more in tips during December must […]

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sgrgas

Don’t overlook child-related deductions and credits

Don’t overlook child-related deductions and credits Parents incur a variety of expenses associated with children. As a general rule, personal expenditures are not deductible. However, there are several deductions and credits that help defray some of the costs associated with raising children, including some costs related to education. Some of the most common deductions and […]

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sgrgas

Tax reform discussions continue in Congress on variety of approaches

Tax reform discussions continue in Congress on variety of approaches House and Senate lawmakers have started their August recess, leaving pending tax legislation for after Labor Day. In past years, September has been a busy month for tax legislation and this year is likely to be the same. Before leaving Capitol Hill, lawmakers took actions […]

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