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Laciak>cpa is hiring!

October 5th, 2018

Laciak>cpa is hiring! View our job posting for Tax Manager on our Careers Page. More about working at Laciak>cpa At Laciak Accountancy Group, P.C., we pride ourselves on the quality of our team, as well as our ability to work together each other, our clients, and professional partners. We seek experienced, goal-oriented professionals who enjoy […]

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Donating Artwork To Charity

September 18th, 2018

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit […]

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You might save tax if your vacation home qualifies as a rental property

September 14th, 2018

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on […]

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Do you need to make an estimated tax payment by September 17?

September 7th, 2018

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely […]

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Keep an eye out for extenders legislation

September 3rd, 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 Back in December of […]

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

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 […]

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You Gotta Know When To Hold Em: Play your tax cards right with gambling wins and losses

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 You must report 100% of your gambling winnings as taxable income. The value of complimentary goodies […]

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Last Chance To Undo IRA Conversion Before TCJA Goes Into Effect

August 9th, 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? Before the Tax Cuts and […]

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Home Office Deduction: Do You Qualify?

July 30th, 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 Homeowners know that they can […]

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One Major Rule For Business Deductions for Meal, Travel and Vehicle Expenses: Document It.

July 23rd, 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 Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or […]

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