Otherwise, the trustee may report the contribution as being for when they get your funds. Traditional IRA : You may be able to take a tax deduction for the contributions to a traditional IRA, depending on your income and whether you or your spouse, if filing jointly, are covered by an employer's pension plan. Each year, the IRS announces the cost of living adjustments and limitations for retirement savings plans.
Saving for retirement should be part of everyone's financial plan and it's important to review your retirement goals every year in order to maximize savings. If you need help with your retirement plans, give the office a call. As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of , new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, , and, as a business owner, they could affect your tax situation.
Let's take a closer look:. A taxpayer may elect to expense the cost of any section property and deduct it in the year the property is placed in service. These changes apply to property placed in service in taxable years beginning after December 31, The new law also expands the definition of section property to allow the taxpayer to elect to include the following improvements made to nonresidential real property after the date when the property was first placed in service:.
Improvements do not qualify if they are attributable to the enlargement of the building, any elevator or escalator or the internal structural framework of the building. The new law increases the bonus depreciation percentage from 50 percent to percent for qualified property acquired and placed in service after September 27, , and before January 1, , and is sometimes referred to as the first-year bonus depreciation.
As a reminder, the bonus depreciation percentage for qualified property that a taxpayer acquired before September 28, , and placed in service before January 1, , remains at 50 percent. Special rules apply for longer production period property and certain aircraft. The definition of property eligible for percent bonus depreciation was expanded to include used qualified property acquired and placed in service after September 27, , if all the following factors apply:.
Furthermore, qualified film, television, and live theatrical productions also qualify as qualified property that may be eligible for percent bonus depreciation. This provision applies to property acquired and placed in service after September 27, Certain types of property, however, are not eligible for bonus depreciation in any taxable year beginning after December 31, One such exclusion from qualified property is for property primarily used in the trade or business of the furnishing or sale of the following:.
This exclusion applies if the rates for the furnishing or sale have to be approved by a federal, state or local government agency, a public service or public utility commission, or an electric cooperative. The new law also adds an exclusion for any property used in a trade or business that has had floor-plan financing indebtedness if the floor-plan financing interest was taken into account under section j 1 C.
Floor-plan financing indebtedness is secured by motor vehicle inventory that in a business that sells or leases motor vehicles to retail customers. The new law eliminated qualified improvement property acquired and placed in service after December 31, , as a specific category of qualified property. Depreciation limits for passenger vehicles placed in service after December 31, , have also changed.
If the taxpayer doesn't claim bonus depreciation, the greatest allowable depreciation deduction is:. If a taxpayer claims percent bonus depreciation, the greatest allowable depreciation deduction is:. Computers or peripheral equipment have been removed from the definition of listed property. This change applies to property placed in service after December 31, The new law shortens the recovery period for machinery and equipment used in a farming business from seven to five years.
This shorter recovery period, however, doesn't apply to grain bins, cotton ginning assets, fences or other land improvements. The original use of the property must occur after December 31, This recovery period is effective for eligible property placed in service after December 31, Also, property used in a farming business and placed in service after December 31, , is not required to use the percent declining balance method.
However, if the property is year or year property, the taxpayer should continue to use the percent declining balance method. The new law keeps the general recovery periods of 39 years for nonresidential real property and The new law changes the alternative depreciation system recovery period for residential rental property from 40 years to 30 years.
Qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property are no longer separately defined and no longer have a year recovery period under the new law. These changes affect property placed in service after December 31, Under the new law, a real property trade or business electing out of the interest deduction limit must use the alternative depreciation system to depreciate any of its nonresidential real property, residential rental property, and qualified improvement property.
This change applies to taxable years beginning after December 31, Farming businesses that elect out of the interest deduction limit must use the alternative depreciation system to depreciate any property with a recovery period of 10 years or more, such as single-purpose agricultural or horticultural structures, trees or vines bearing fruit or nuts, farm buildings, and certain land improvements.
This provision applies to taxable years beginning after December 31, Tax law can be confusing. If you're a small to medium-sized business owner with questions about depreciation and expensing, help is just a phone call away. The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible.
The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit HELOC or second mortgage, regardless of how the loan is labeled. The Tax Cuts and Jobs Act of , enacted December 22, , suspends the deduction for interest paid on home equity loans and lines of credit unless they are used to buy, build or substantially improve the taxpayer's home that secures the loan.
This suspension is in effect from through Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.
As under prior law, the loan must be secured by the taxpayer's main home or second home known as a qualified residence , not exceed the cost of the home and meet other requirements. For anyone considering taking out a mortgage, the new law imposes a lower dollar limit on mortgages qualifying for the home mortgage interest deduction.
The limits apply to the combined amount of loans used to buy, build or substantially improve the taxpayer's main home and second home. For more information about deducting interest on home equity loans or the new tax law, please call. The limit applies to tax years to As in prior years, if a taxpayer chose the standard deduction then state and local tax refunds are not subject to tax. However, if a taxpayer itemizes deductions for that year on Schedule A, Itemized Deductions , part or all of the refund may be subject to tax - but only to the extent that the taxpayer received a tax benefit from the deduction.
Taxpayers who are impacted by the SALT limit may not be required to include the entire state or local tax refund in income in the following year. As a reminder, state or local tax refunds received in that were reported on tax returns are not affected. How much to include is figured by determining the amount the taxpayer would have deducted had the taxpayer only paid the actual state and local tax liability - that is, no refund and no balance due.
Because there was no tax benefit received on their tax return from the overpayment of state income tax the taxpayer is not required to include the state income tax refund received in on their tax return. If you have any questions about the tax treatment of state and local tax refunds, help is just a phone call away. Form , Premium Tax Credit , reconciles advance payments of the premium tax credit and may also affect a taxpayer's ability to get advance payments of the premium tax credit or cost-sharing reductions.
Taxpayers who don't file and reconcile their advance credit payments may not be eligible for advance payments of the premium tax credit in the future. Furthermore, filing Form , with a return avoids possible delays in processing tax returns and subsequent delays in receiving tax refunds.
The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. When the taxpayer or their family member applies for coverage, the marketplace estimates the amount of the premium tax credit they may be able to claim.
This estimate is based on information the taxpayer provides about family size and projected household income. The taxpayer can then decide if they want to have all, some, or none of the credit paid directly to their insurance company. This option will lower their monthly payments. Taxpayers who have advance credit payments made on their behalf are required to file Form with their income tax return. This will reconcile the amount of advance payments with the premium tax credit they may claim based on their actual household income and family size.
Taxpayers or members of their family who enrolled in health insurance coverage for through the marketplace should receive Form A, Health Insurance Marketplace Statement. This form also provides information needed to complete Form Taxpayers should figure their premium tax credit and compare it to the amount of APTC on Form , then file Form with their tax return. Taxpayers who received advance credit payments must file a tax return to reconcile even if they otherwise don't have to file.
Please call the office if you have any questions about this or any other topic affecting your tax return. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, , includes several provisions that may apply to tax-exempt organizations' current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let's take a look at three key pieces of legislation that affect nonprofit organizations:.
This legislation retroactively repealed the increase in unrelated business taxable income by amounts paid or incurred for certain fringe benefits for which a deduction is not allowed, most notably qualified transportation fringes such as employer-provided parking. Previously, Congress had enacted this provision as part of the Tax Cuts and Jobs Act, effective for amounts paid or incurred after December 31, Tax-exempt organizations that paid unrelated business income tax on expenses for qualified transportation fringe benefits, including employee parking, may claim a refund.
To do so, they should file an amended Form T within the time allowed for refunds. The changes are effective for taxable years beginning after December 20, Under changes enacted as part of the Tax Cuts and Jobs Act, government grants are usually considered income and would otherwise be treated as non-member income for telephone and electric cooperatives.
Under prior law, government grants were generally not treated as income, but as contributions to capital. Since these government grants are excluded from the income test, exempt telephone or electric co-ops may accept these grants without the grant impacting their tax-exemption.
The legislation is retroactive to taxable years beginning after The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income.
Here are a few other tips about tips:. Taxable income. Tips are subject to federal income and Social Security and Medicare taxes, and they may be subject to state income tax as well. The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to federal income tax. Include tips on your tax return. In your gross income, you must include all cash tips you receive directly from customers, tips added to credit cards, and your share of any tips you receive under a tip-splitting arrangement with fellow employees.
Report tips to your employer. Your employer is required to withhold federal income, Social Security, and Medicare taxes. Keep a daily log of your tip income. Be sure to keep track of your tip income throughout the year. If you'd like a copy of the IRS form that helps you record it, please call.
Recording payments, whether they come in to comply with an invoice you sent or are issued as sales receipts, is one of the more satisfying tasks you do in QuickBooks. The sales cycle is almost complete, and you're about to have more money in the bank — once you document the payments as bank deposits. Unless you use QuickBooks Payments , which moves your company's remittances into an account automatically, you'll have to deal with your deposits twice.
First, you'll have to make out a deposit slip for the bank. You'll also need to record the deposit in QuickBooks itself. By default, QuickBooks transfers payments received into an account called Undeposited Funds.
You can see it in your Chart of Accounts by clicking the Chart of Accounts icon on QuickBooks' home page and scrolling down a bit. Look over to the end of the line and you'll see its current balance. This account is an Other current asset.
It holds your payments until you record them as deposits and take your money to the bank. When you're getting ready to take cash and checks to the bank, click the Record Deposits icon on the home page. The Payments to Deposit window will open. We recommend completing your physical deposit slip first, based on the checks and cash you have in hand.
Then, match them to payments in the window pictured above. You can click in front of each one you've matched to create a checkmark. When you've finished, click OK. The Make Deposits window will open. Make sure that the account you want to Deposit to is showing in the upper left corner. You can add a Memo and change the Date if needed. Do you want cash back from your deposit? You may want to move this to Petty Cash , for example. Click the down arrow in the Cash goes back to field and select the correct account.
Add a memo if necessary and enter the Cash back amount. When you're done, save the transaction. QuickBooks now knows that you're taking a deposit slip to the bank. The total for your handwritten deposit slip and the final tally in the Make Deposits window should be the same. This will ensure that the amount deposited in your bank account will match the bank deposit amount in QuickBooks when reconciling.
If you have leftover cash or checks, you'll need to track down their origins and create new transactions. It's a good idea to check your Undeposited Funds account occasionally to make sure that you haven't left money undeposited. To do this, open your Chart of Accounts again.
All should be selected in the Date field in the upper left. Click on Customize Report and select the Filters tab. Scroll down in the Filters list and click on Cleared. Select No and click OK to display your report. As we've already mentioned, QuickBooks is set up to automatically move payments into Undeposited Funds.
We recommend leaving it this way so you can easily check for money that hasn't been deposited. You can change this, though. If you feel it's necessary, please call the office and speak to a QuickBooks professional who will help you modify your destination account. QuickBooks comes with a default set of payment methods. If you don't accept Discover cards, for example, right-click on that entry and select Make Payment Method Inactive. To add one, click the down arrow next to Payment Method and then New.
The Payment Method should always match the Payment Type. Account reconciliation is difficult enough without having to deal with deposit discrepancies. Treat this element of your accounting with great care. With the pandemic, though, she found an abundant amount of time to work through them. This allowed Bettinger to apply to BYU first and get a reply before submitting an application to another college. Having been accepted there, Bettinger is now eagerly awaiting the beginning of her college experience in January and moving to Provo, Utah, to live on campus.
Bettinger saw little reason to wait an entire semester and wanted to get a head start on her higher education as well as interacting with her new peers. Although college may be a new experience for Bettinger, she already has a supportive community waiting for her. Not only do her two older sisters currently attend the school, but Bettinger will only be an hour car ride away from extended relatives.
And as a member of the Church of Jesus Christ of Latter-day Saints, she also feels assured in her decision because the school is run and attended by members of her religious community. Despite being nervous about this significant transition, she looks forward to the change in scenery and weather Utah has in store for her.
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Aug 19, ; m. This filing period is Tuesday. June 11, l; d. Apr 18, Feb 25, Lydia Christine Anderson. Sarah bettinger-anderson 8, ; m. May 3, Aela Clare Phillips. Apr 1, Candidate names are added during the filing period for most federal, state and county offices. Sept 15, Heaven Lalani Lynn. July 19, Nov 25, Nov. Jan 29, Elam Jonathan Anderson.See more of Bettinger Anderson CPA Group on Facebook Covid's Impact On Small Businesses: A Conversation With Wisconsin State Treasurer Sarah. Followers, Following, 17 Posts - See Instagram photos and videos from Sarah Phillips (@bettingeranderson). Bettinger Anderson CPA Group is a full service tax, accounting and business Sarah Smith is a salesperson employed on a full-time basis by Rob Robinson.