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Home Ownership Tax Breaks Decrease in 2018

March 20th, 2018

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related […]

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Casualty Loss Deduction Rules Tighten in 2018

March 13th, 2018

A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know. If you suffered damage to your home or personal property last year, you may be able to […]

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Spring Newsletter Now Available

March 9th, 2018

Our Spring 2018 issue of Tax and Financial Briefs is here!  The Spring 2018 issue includes: Important Tax Changes for Small Businesses Considerations for Working with your Spouse The ABCs of Small Business Success 401(k) Advice when Switching Jobs Five Numbers that Impact Your Business IRS Notes & Upcoming Tax Deadlines We look forward to seeing you […]

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Determining Charitable Deductions: Not Just The Amount, But What You Give

March 6th, 2018

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]

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Changes to Mileage Deductions in 2018

February 27th, 2018

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these […]

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Tax deduction for moving costs: 2017 vs. 2018

February 22nd, 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. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in […]

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

February 15th, 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 […]

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Is Your Employer Withholding Enough?

February 12th, 2018

The IRS has updated Withholding Tables to reflect new tax legislation. Employers use the tables to determine withholding, but it’s up to you to ensure they’re withholding enough.

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

February 6th, 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. Two still-available tax credits are especially for small businesses […]

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Meet The Newest Members Of Our Team

January 29th, 2018

As we continue to expand our service offering to meet the needs of our valued clients, Laciak>cpa is proud to introduce our newest team members. Lou Ann Klotzbach Manager In July 2017, Laciak>cpa welcomed accounting management veteran Lou Ann Klotzbach to the team, and in the process, acquired a seasoned accounting professional with decades […]

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