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Newsletter

Back-to-school time means a tax break for teachers

Submitted by Eck, Schafer & Punke, LLP on August 28th, 2018

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).

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Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

Submitted by Eck, Schafer & Punke, LLP on August 28th, 2018

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses.

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Play your tax cards right with gambling wins and losses

Submitted by Eck, Schafer & Punke, LLP on August 21st, 2018

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

Wins and taxable income

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Assessing the S corp

Submitted by Eck, Schafer & Punke, LLP on August 21st, 2018

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they once were.

Tax comparison

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Keep an eye out for extenders legislation

Submitted by Eck, Schafer & Punke, LLP on August 14th, 2018

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important.

Recent history

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Choosing the right accounting method for tax purposes

Submitted by Eck, Schafer & Punke, LLP on August 14th, 2018

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA.

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The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

Submitted by Eck, Schafer & Punke, LLP on August 7th, 2018

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it?

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Do you still need to worry about the AMT?

Submitted by Eck, Schafer & Punke, LLP on July 31st, 2018

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.

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Do you qualify for the home office deduction?

Submitted by Eck, Schafer & Punke, LLP on July 31st, 2018

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.

Home-related expenses

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Business deductions for meal, vehicle and travel expenses: Document, document, document

Submitted by Eck, Schafer & Punke, LLP on July 25th, 2018

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

A critical requirement

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227 South 7th Street, Springfield, Illinois 62701 United States

227 South 7th Street
Springfield, Illinois
62701 United States

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