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Two Convenient Locations:
San Diego Office: (619) 283-7113
Julian Office: (760) 765-0343
Click links to access individual blogs
• Six Simple Ideas to Help Your Small BusinessPage: 1 2 3 4 5
• Money Management Tips for Couples
• Summer Jobs and Taxes
• Making Your Home Office a Tax Deduction
• The Benefits of Being a Sole Proprietor
• Debt: Gone But Not Forgotten by the IRS
• Review Financial Decisions When Interest Rates Change
• Cryptocurrency: The IRS is Watching You!
• Protecting Your Digital Footprint
• Small Business Tax Return To-Do-List
• Ideas to Improve Your Financial Health in 2022
• Five Great Money Tips
• Fake Products (and Money!) Are Big Business
• Year-End Tax Planning Ideas For Your Business
• Time to Schedule Your Tax Planning Session
• IRS Backlog of Historical Proportions
• Protect Your Valuables BEFORE Thieves Arrive
• Make the Most of Your Vehicle Expense Deduction
• Help! I Just Got a Letter From the IRS
• Manage Your Business's Unemployment Taxes
• Common Tax Mistakes When Selling a Home
• The Hidden Tax Consequences of Cryptocurrency
• Building a Fortress Balance Sheet
• Taxes: These Basics are for Everyone
• Starting a Business Now Could Make a Lot of Sense
• What's New in 2021
• Organized Business Records Save Time and Money
• Your Identity is NOT Your Own!Page: 1 2 3 4 5
• Seven Tips For Financial Wellness In 2021
• PPP Loan Expenses Are Now Tax Deductible
• Deductibility of Business Meals Provided by Restaurants in 2021 and 2022
• Ideas For Better Savings Rates
• Retirement Savings Tips for Small Business Owners
• Steer Clear of Money-Making Scams While You're Stuck at Home
• How to Build Your Emergency Fund - When You Have No Money
• Great Tips to Improve Your Credit Score
• What does the executive action deferring payroll taxes mean for employers and employees?
• Should You Incorporate Your Business?
• How to Eliminate a Tax Surprise
• New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
• How Stay-at-Home Orders Change Money Habits
• IRS guidance provides RMD rollover relief
• Financial Questions to Ask Mom and Dad
• The New Face of Banking
• PPP borrowers get concessions, additional guidance on forgiveness
• The IRS clarifies the deductibility of PPP-funded expenses
• SBA extends the PPP repayment deadline for self-certification
• Beware of Scams Tied to COVID-19 Economic Impact Payments
• Answers to Common COVID-19 Unemployment Questions
• CARES Act provides COVID-19 pandemic relief to businesses
• The IRS announces new COVID-19-related assistance for taxpayersPage: 1 2 3 4 5
• 3 Major Charity Scam Red Flags
• 2020 Social Security Benefits
• Avoid These Common Tax Mistakes
• What Employers Need to Know About Assembly Bill 5
• Bill Collector Calling? Know Your Rights
• Tips to Protect Yourself From Tax Scams
• The IRS Is Not Always Right
• Select the Right Health Insurance for Your Business
• The IRS Loves Your Business...and That is NOT Good
• Help Older Adults Stand Up Against Scams
• Amazon and eBay Sales Tax ALERT!
• No Excuses. Time to Lower Your Tax Bill.
• How To Protect Your Social Security Number
• You Know You Need Tax Planning If...
• What You Need To Know About IRS Audits
• How to Correct Common Financial Mistakes
• Don't Leave Your Business Exposed
• Watch Out! 7 Vacation Costs That Sneak Up on You
• Major Life Changes Ahead? Read This!
• 7 Tax-Free Ideas to Bolster Your Business Benefits Package
• Stay prepared to sell your business
• Great uses for your tax refund
• How to File Nonprofit Taxes
• 7 Common Missing Tax Return Items
• Is a Tax Surprise Waiting for You?
• School yourself on the student loan interest deduction
• The 6 Biggest Threats to Your Finances
• Last-Second Money-Saving Tax MovesPage: 1 2 3 4 5
• Retirement Contributions Get a Boost in 2019
• 5 Estate Planning Myths
• Disaster Preparedness Tips for Taxpayers and Businesses
• Five Tax Breaks for New Parents
• Setting up Your Business Accounting System
• Ideas to Improve Your Financial Health
• It's tax-planning time
• Managing Money Tips for Couples
• 6 tax benefits of owning a home
• Five Great Finance Tips Everyone Should Know
• How to handle a gap in health care coverage
• Update on the Tax Cuts and Jobs Act
• When an extension makes sense
• Tax checklist for business startups
• Answers to commonly asked tax questions
• New FASB Standards for Nonprofit Accounting
• The best way to avoid an audit: Preparation
• Boost your retirement savings now
• IRS Urges Travelers Requiring Passports to Pay Their Back Taxes
• Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency
• How to Get a Green Light for Commuting Expense Deductions
• Federal requirements for substantiating charitable contributions
• How to cut taxes under the new tax act
• FBI Warns of Online Dating Scams
• IRS issues 2018 standard mileage rates
• Year-end tax checklist
• The Equifax breach and you: be proactivePage: 1 2 3 4 5
• Beware of Bogus Charities
• Planning A Wedding Over The Holidays?
Plan For Taxes Too
• Don't Include The IRS On Your Gift List
• Ready To Start Year-End Planning?
Focus On The Big Picture.
• Know When To Sell
• Put Your Tax and Financial House
• Are You Prepared For These Common
• Scams Against the Elderly:
Know the Danger Signs
• Tax Benefits of Corporate Retirement
• Maneuvering the Corporate
Retirement Plan Maze
• Documenting your Business Travel and
• Maximizing your Travel and
• Deducting Business Meals and
• Do Yourself a Favor by Filing
• Do I Need A CPA?
• How to Save Money on Your Tax
• What To Do If You Can't Pay
• What To Do If You Haven't Filed
How to cut taxes under the new tax act
Now that the massive new Tax Cuts and Jobs Act (TCJA) is finally the law of the land, what should you do? Every situation is different, but here are several practical suggestions for improving your tax outlook for 2018 and beyond:
• Adjust your withholding. There are "winners" and "losers" due to changes in tax rates, the increased standard deduction, the loss of personal exemptions and cutbacks and repeals of deductions. We can help you figure out how this will affect your situation. Depending on your needs and wants, you may end up increasing or decreasing your take-home pay by revising your W-4.
• Make your move. Pulling up stakes just because of new laws is a drastic reaction. However, if you were planning to move soon anyway, now may be the time to do it if you reside in a high-tax state. The TCJA limits the annual state, local and property tax deduction to $10,000 for itemizers. If you do move, remember that job-related moving expenses are no longer deductible.
• Pile up medical expenses. The threshold for deducting medical expenses is rolled back to 7.5 percent of adjusted gross income (down from 10 percent) for 2017 and 2018. If you can clear the lower hurdle this year, schedule routine doctor and dentist visits or finally undergo that surgery you've been putting off. The extra expenses will boost your medical deduction.
• Tap a 529 plan for private school. The new law expands the use of 529 education savings plans to cover private elementary and secondary schools. It's not just for college or grad school anymore. Distributions are exempt from tax, but be careful. Make sure you'll still have enough money in the account to pay for higher education.
Finally, coordinate your tax strategies into an overall plan for 2018. This is a better approach than trying to cash in on tax breaks one at a time. Give us a call and we can help.
Mailing Address: P.O. Box 1934, Julian, CA 92036
Julian Office: 2902 Washington Street, Julian, CA 92036 (760) 765-0343 (760) 765-0150 Fax
San Diego Office: (By Appointment Only) 3751 37th St., #2, San Diego, CA 92105 (619) 283-7113
Correspondence: P.O. Box 1934, Julian, CA 92036 E-mail: rebecca(at)luersdyercpa.com jan(at)luersdyercpa.com
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