REI Tax Firm

2018 Tax Prepayment Confusion

[…] 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 […]

Trump tax plan – OMG!

[…] 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 […]

Fast IRS refunds after Harvey losses

[…] 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, […]

Need cash after Harvey? The IRS can help!

[…] The loss calculation is very similar to the calculation for your own home, but better: your do not have to worry about the 10% trim. There is more good news: unlike your usual operational losses, your Harvey losses will NOT be limited if your income is too high! […]

Donations for Hurricane Harvey relief: the IRS angle

[…] 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 […]