December 2017

In this Issue:

• New Year, New Job: Five Tax Tips for Job Changers
• Save more in 2018: Retirement contribution and Social Security limits on the rise
• A Happy Holiday Traditions Quiz
• Credit Card Transactions Could Pose Audit Risk: What small businesses need to know

This Month:

• December 12th: Hanukkah Begins
• December 25th: Christmas Day
• December 26th: Kwanzaa Begins
• January 16th: 4th Quarter Estimated Payments Due
• Take final year-end actions:
  • Deductible gifts
  • Capital gains/losses
  • Charitable giving
  • Dividend income

After an eventful year, we all deserve a happy holiday season and hopefully some well-needed relaxation. While tax reform will continue to be debated, many preliminary figures for 2018 are set. Check out the details inside. The economy and job market have continued to improve, which means you may be considering new work. If you are planning on a change, look at the tax checklist for job changers. Or, if you work for yourself and take credit cards as payment, learn about the new IRS focus on those small business payments.

Looking for something to talk about at the next family gathering? Consider sharing the quiz regarding the sometimes strange origins of popular holiday traditions.

As always, should you know of someone who may benefit from this information please feel free to forward this newsletter to them.

Tax Tips for Those Getting Married

If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know.

Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by filling out Form SS-5. The IRS matches names with the SSA and may reject your joint tax return if the names don’t match what the SSA has on file.

Address change notification. If either of you are moving, update your address with your employer as well as the Postal Service. This will ensure your W-2s are correctly stated and delivered to you at the end of the year. You will also need to update the IRS with your new address using Form 8822.

TIPS FOR THE MONTH - JUNE

The Supreme Court expects to rule on Affordable Care Act subsidies in June. Watch for details.

June 15 is the due date for making the second payment of 2015 individual estimated tax.

Summertime tax tip!

If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a....

Tips for the Month - May

The IRS matches all W-2 income as well as all Forms 1099 reported on your tax return and will contact you about unmatched amounts.

Nonprofits with annual gross receipts of no more than $50,000 can file a 990-N, called an e-Postcard.

 Tips for the Month - April

1. Taking the standard tax deduction is convenient, but always compare it to itemized deductions and use the option with the best tax results.

2. The federal standard deduction for 2014 is $6,200 if single, $12,400 if married and joint filing, or $9,100 for head of household.

3. To substantiate a charitable contribution, you must get a written acknowledgement from the charity for all contributions of $250 or more.