[…] What many people decided to do is to make an estimated payment for the future, yet unknown, tax for the 2018 calendar year. The tax departments were happy to accept these payments and place them in escrow – until the future time when taxes will be assessed. Then your prepayment will be applied towards your tax, and you will be […]
[…] This is your last chance. If you’re planning to sign up for a job search service, take some job-related classes or buy a computer for your W2 job – do it now. You can also pre-pay union and professional dues, investment-related services and subscriptions, and investment advice. “Job” means […]
[…] Pre-pay 2017 property taxes on your personal residence. This is not an absolute rule, but it should be a wise move for most people, not just investors. Because of the new law, you may lose the tax benefit of property taxes on your homestead. So make sure the bill is paid in 2017 […]
[…] I’m not too alarmed. First, this change (IF implemented) will only affect companies that are designated as “a trade or business.” This term has been often used in the current tax law – but never defined! It led to numerous lawsuits against the IRS, with inconsistent results. Basically, it’s grey area […]
[…] It gets more unsettling when we insert couple kids in the picture. Personal exemptions of $4k per person are rolled into the standard deduction under the Trump plan. It means no taxable income reduction for kids, in stark contrast with the current system which affords a $8k write-off for 2 kids […]
[…] A little-know IRS rule allows you to claim losses from federally declared disasters in the previous year – as if they occurred a year earlier. This means that losses from Harvey can be included on your 2016 tax return. If you have not filed your 2016 tax return yet, […]
[…] Donations of time and labor are not tax-deductible. It does not matter what you did, how much time you spent and how much it was worth – no deduction. You’re allowed to deduct two things related to volunteering: 1. Out-of-pocket expenses specifically related to […]
[…] There is one conclusion from reading these posts: stay away from legal and tax advice administered online by liberal arts majors without any professional credentials. Of course, professional credentials are no guarantee of competence, but at least you are less likely to be misled with garbage information […]
[…] This is how he found his latest deal: a $20,000 duplex in Oklahoma. My first question was – WHY? As you know, I’m firmly against buying investment properties out of town, especially when […]
[…] How unhappy? $20,028 unhappy. Because this is how much taxes a single person will owe on $70,000 self-employment income earned in 2014. Yes, between Federal income tax, Social Security tax and Medicare tax […]
