Even with the new tax law, there are still steps you can take before 2018 ends to make sure you're taking advantage of all of the breaks you can. Here are some tried-and-true strategies that still apply. The new tax law has put a whole new spin on year-end tax planning, though it hasn't eliminated [...]
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The Treasury Department and the Internal Revenue Service have issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status. Paid preparers are subject to a penalty of $520 for each failure to comply with the requirement. The penalty is indexed to [...]
Nearly two in five retirees (37 percent) admit they didn't consider how taxes would affect their retirement income when planning for retirement. As a result, they may have lost the opportunity to save an additional six years' worth of income in retirement. That's according to a new survey from the Nationwide Retirement Institute, which shows a [...]
At Xero, we believe a simple experience is a beautiful experience. That’s why we’re simplifying the navigation within Xero to make sure that everyone can get on with daily tasks easily and efficiently. We’re launching the new navigation in the last week of November, but you’ll get a sneak peek from Tuesday 13 November. The [...]
Notably, the new Tax Cuts and Jobs Act (TCJA) scales back deductions for certain itemized deductions, including state and local tax (SALT) payments and mortgage interest. But another lesser-noticed crackdown may be just as significant. Effective for 2018 through 2025, the TCJA completely eliminates the Schedule A deduction for miscellaneous expenses. This change can be [...]