LivingstonCPA - Individual and Small Business Taxation - Small Business Accounting

Tax Resources

Helpful Preparation Guides:


Quick Snapshot of Recent Tax Law Changes

  • Child Tax Credit - Doubled
  • Standard Deduction - Doubled
  • Personal Exemption Deduction - Gone ($4k+/person lost)
  • Medical Expense Deduction - AGI threshold reset from 10% back to 7.5%
  • State Inc/Sales+Prop Tax - Limited to $10k
  • Casualty/Theft loss deduction - Gone except Presidential declared disaster
  • Miscellaneous Itemized Deductions** - Gone
  • Phase-out of itemized deductions for higher incomes - Gone
  • 20% QBI deduction for pass-thru entities - New & complicated. IRS just issued regs.
  • Tax Brackets - Changed & Shuffled

Other Misc. Changes:

  • Moving expense - Gone except for military
  • Alimony Deduction for payor - Gone (e.g. income stays with earner)
  • Alimony Income for recipient - Gone (e.g. income stays with earner)

* List not exhaustive, subject to IRS revision/further clarification

** Misc. Itemized Deductions, formerly deductible to the extent they exceeded 2% AGI, include investment advisory fees, tax prep, unreimbursed employee expenses

See details of TCJA impact to individuals and impact to businesses. Also, IRS tax reform news is updated regularly.


Frequently Asked Questions

How can I expedite my tax refund?

Hands down, e-file + direct deposit = fastest refund. Make sure to provide me with a voided check.

How long should I save records?

The IRS can audit a tax return for up to three years after the filing date, or due date of a return (whichever is later). Save supporting documentation for tax returns for that time period. Documents of security purchases should be saved for three years after the sale date. Beware: a six-year statute of limitations applies to substantial understatement of income (25% of income).

What's the best way to avoid interest and penalties?

Avoid interest and penalties due to underpayment of tax by paying estimated quarterly tax payments. Make payments to IRS here. Make sure to select tax year and form. Email me to get help with calculating payments.

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