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Tax credit for hiring from certain “target groups” can provide substantial tax savings

Submitted by Eck, Schafer & Punke, LLP on February 27th, 2018

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax return.

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Tax deduction for moving costs: 2017 vs. 2018

Submitted by Eck, Schafer & Punke, LLP on February 27th, 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions.

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Families with college students may save tax on their 2017 returns with one of these breaks

Submitted by Eck, Schafer & Punke, LLP on February 13th, 2018

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction.

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Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

Submitted by Eck, Schafer & Punke, LLP on February 13th, 2018

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up.

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TCJA temporarily lowers medical expense deduction threshold

Submitted by Eck, Schafer & Punke, LLP on February 6th, 2018

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.

What expenses are eligible?

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Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

Submitted by Eck, Schafer & Punke, LLP on February 6th, 2018

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation.

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State and local sales tax deduction remains, but subject to a new limit

Submitted by Eck, Schafer & Punke, LLP on January 30th, 2018

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived.

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2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills

Submitted by Eck, Schafer & Punke, LLP on January 30th, 2018

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses.

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Can you deduct home office expenses?

Submitted by Eck, Schafer & Punke, LLP on January 23rd, 2018

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction.

Changes under the TCJA

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Meals, entertainment and transportation may cost businesses more under the TCJA

Submitted by Eck, Schafer & Punke, LLP on January 23rd, 2018

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation.

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