At Millennium Tax Services, LLC, we prepare, analyze, and 'E-File' Income Tax Returns for Individuals and Businesses. Our Professional and Integral Income Tax Services guarantees 'your' Peace of Mind, because we use all appropriate adjustments, deductions, and credits to keep our clients' taxes to a minimum. 

~ Certified Tax Preparation

~ Tax Planning for 2018 Tax Cuts and Jobs Act

~ Mobile Tax Service is Available!

~ Income Tax Seminars

~ Maximum Refund Guaranteed!

~ Rapid 'E-File' guarantees that You get Your Refund sooner!

Home Business Tax Masterclass 'e-Book': http://www.lulu.com/shop/http://www.lulu.com/shop/alicia-hall/home-business-tax-masterclass-the-basic-keys-to-success/ebook/product-23784606.html

Get Your 'Printed' Copy of The Home Business Tax Masterclass Now 



Our due diligence TO CLIENTS

  • Interview clients to gather financial information.
  • Examine financial records.
  • Explain federal and state tax laws to individuals and companies.
  • Explain regulations, policies, or procedures.
  • Interview clients to obtain additional information on taxable income and deductible expenses and allowances.
  • Use all appropriate adjustments, deductions, and credits to keep clients' taxes to a minimum.
  • Prepare or assist in preparing simple to complex tax returns for individuals or small businesses.
  • Compute taxes owed or overpaid, using adding machines or personal computers, and complete entries on forms, following tax form instructions and tax tables.
  • Review financial records such as income statements and documentation of expenditures to determine forms needed to prepare tax returns.

  • Furnish taxpayers with sufficient information and advice to ensure correct tax form completion.
  • Advise others on financial matters.
  • Check data input or verify totals on forms prepared by others to detect errors in arithmetic, data entry, or procedures.
  • Verify accuracy of records.
  • Consult tax law handbooks or bulletins to determine procedures for preparation of atypical returns.
  • Update professional knowledge.
  • Calculate form preparation fees according to return complexity and processing time required.
  • Answer questions and provide future tax planning to clients.
  • Develop financial plans for clients.
  • Correspond with customers to answer questions or resolve complaints.

Millennium Tax Tips

An ongoing series of informational entries related to taxes

Tax Tip: Are You a Volunteer?

October 29, 2017

You might be able to deduct the cost of a babysitter if you’re paying her to watch the kids while you volunteer to work for no pay for a recognized charity. The federal Tax Court has ruled that it’s OK to list the cost of a babysitter as a charitable contribution on your return, if you can document that while she was performing her duties, you were volunteering.

Tax Tip: Did You lose Your Job recently?

November 11, 2017

Lost Your Job? If you’re looking for a job, you should itemize your deductions if these expenses exceed 2 percent of your adjusted gross income. Any qualifying expenses over that threshold can be deducted. It's expensive to find a job, therefore you should consider deducting the mileage you put on your car driving to interviews and the cost of printing resumes.

Tax Tip: Home Based Businesses

November 29, 2017

If You run Your own small business or work from a home office, you are eligible for a variety of tax deductions that other workers aren’t. You might be able to deduct a portion of the cost of utilities or even rent for Your home office as well as book subscriptions, and other miscellaneous expenses related to Your business.

Tax Tip: Filing Past Due Tax Returns.

December 11, 2017

The IRS wants you to File all tax returns that are due, regardless of whether or not you can pay in full. File your past due return the same way and to the same location where you would file an on-time return. You risk losing your refund if you don't file your return. If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.

Tax Tip: Efile and Use Direct Deposit.

December 29, 2017

Combining direct deposit with electronic filing is the fastest way for a taxpayer to get their refund. With #directdeposit, a refund goes directly into a taxpayer’s bank account. There’s no reason to worry about a lost, stolen or undeliverable #RefundCheck. Nearly four out of five federal tax refunds are direct deposited. Direct deposit saves taxpayer dollars. It costs the nation’s taxpayers more than $1 for every paper refund check issued but only a dime for each direct deposit.

Tax Tip: How the Tax Cuts and Jobs Act affects your Household in 2018.

January 11, 2018

President Donald Trump has passed ‘The Tax Cuts and Jobs Act’. It’s a tax cut plan and it could have a significant impact on your federal income tax bill in 2018 and beyond.

- Under the current tax law, a single filer would be entitled to a $6,500 standard deduction in 2018 and a personal exemption of $4,150. 

- The New Tax bill mandates that ‘single’ individuals would get a $12,000 standard deduction, but no more personal exemption. 

Tax Tip: Healthy Ways to Invest Your Tax Refund - 

Plant A Garden, and "Put Your Money where your Mouth is!" 

January 29, 2018

"Put Your Money Where Your Mouth Is!"

It's a fact, so accept it - Health is more Valuable than Money!

Money is a tool to be used for the exchange of goods and services. It's a Business! In contrast, Health is a Lifestyle. And Good Nutrition balanced with Positive Meditation is key to a long Healthy, Happy, and Holy Life.

Food and Nutrition is a huge topic in the world these days. Many of us are experiencing ill-health because our shelves and refrigerators are stocked with unhealthy GMO Food Products and Poisonous Cancer causing Meat and Dairy. Our Vegetables and Fruits have been sprayed with carcinogenic chemicals, and our water is laced with fluoride and lead. It's absolutely CRAZY!

What's the Solution? A 'Micro' Farm and Garden of your own in your backyard a.k.a P.W.Y.E - Plant What You Eat! This Project is a 'win-win' for anyone because it's a smart way to invest your Tax Refund. Make your Heath a priority by planting your own food! Set aside a simple budget for the creation and maintenance of a 'food bearing' micro-farm in your very own surroundings. Investing in your Health and the nutritional welfare of your loved ones is one of the best decisions you will ever make! Planting at home will almost always save you time and money because there won't be a need for those unnecessary trips to the grocery store. It is a powerful show of Gratitude, Self-respect, and Love!

Tax Tip: The Premium Tax Credit = Money In Your Pocket

February 11, 2018

The IRS extended the 2018 due date for certain employers and health coverage providers to furnish 2017 health coverage information forms to individuals. The following organizations now have until March 2, 2018, to provide Forms 1095-Bor 1095-C to individuals:


- Self-insuring employers.

- Other coverage providers.

- Applicable large employers.

The March 2 date is a 30-day extension from the original due date of Jan. 31.

These organizations must furnish statements to employees or covered individuals. The statements have information about the health care coverage offered or provided to the employees or covered individuals. The recipients may use this information to determine if they can claim the premium tax credit on their individual income tax returns. The Premium Tax Credit – also known as PTC – is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace. To get this credit, you must meet certain requirements and file a tax return. 

Tax Tip: How To Get A Tax Refund.

February 28, 2018

When it comes to Planning your tax refund check, don’t waste time.

Step 1: Hire a Tax Professional to complete your tax return.

Step 2: Research any new tax laws from the previous year so you don't miss out on any significant tax credits or tax breaks.

Step 3: Gather all information to complete your tax return, such as W-2 forms, 1099s, a previous year's tax return, your social security number, and receipts.

Step 4: Complete the tax return. Proof, sign, and send your completed tax return via online or mail. Be accurate to avoid delays 

Step 5: Check the status of your tax return by going online to irs.gov. and look for "Where's My Refund," normally within 72 hours after the IRS acknowledges that they received your e-filed return.

Step 6. Make Money Moves! Invest Your Money wisely!

Tax Tip: IRS Urges Travelers Requiring Passports to Pay Their Back Taxes!

March 11, 2018

The Internal Revenue Service strongly encourages taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy.

This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new procedures implement provisions of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt. See Notice 2018-1. The FAST Act also requires the State Department to deny their passport application or deny renewal of their passport. In some cases, the State Department may revoke their passport.

Tax Tip: To File or Not To File Taxes?

March 29, 2018

Deciding Whether and How to File? 

Here are three things for people to keep in mind as they prepare to file their taxes:

Who is Required to File. In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or if they are a dependent of another person. For example, if a taxpayer is single and younger than age 65, they must file if their income was at least $10,400.

Filing to get a refund. Even if a taxpayer doesn’t have to file, they should file a tax return if they can get money back. If a taxpayer answers “yes” to any of these questions, they could be due a refund: - Did my employer withhold federal income tax from my pay?

- Did I make estimated tax payments?

- Did I overpay last year and have it applied to this year’s tax?

All taxpayers should keep a copy of their tax return. Taxpayers using a software product for the first time may need their Adjusted Gross Income amount from their prior-year tax return to verify their identity. 

Tax Tip: The Affordable Care Act aka 'Obama Care' and your Tax Refund.

April 11, 2018

The ACA created the new Premium Tax Credit and the Individual Responsibility Payment that may affect your tax return this season.  - More Complex Tax Returns: The entire filing process will be more complicated this year, with every tax return to now include new provisions related to health insurance. This year, many taxpayer returns will contain additional forms related to health care coverage. Tax returns will be more complicated and will take more time and expertise to complete. 

 - Possible Reduced Refunds: The new Individual Responsibility Payment will be assessed by the IRS against taxpayers who do not indicate on their return that they either had health care coverage throughout the year, and do not qualify for an exemption from the health care coverage requirement. This new payment amount is collected by the IRS as part of the new ACA law. As a result, if the IRS subjects you to this payment amount, your refund may be less than you expected, or less than you received in past years. Additionally, the IRS may adjust your refund (either up or down) if you currently receive health insurance through the Marketplace (sometimes also referred to as Obamacare) but the IRS determines that the information on file at the Marketplace is incorrect. 

Tax Tip: Is it necessary to pay Taxes? 

April 29, 2018

The money you pay in taxes goes to many causes. In addition to paying the salaries of government workers, your tax dollars also help to support common resources, such as police and firefighters. Tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund schools, health care, public libraries and parks.

Check Us out on WBOK Radio (New Orleans) as we discuss the value of paying Taxes: https://youtu.be/Yl6SP3ogX7I

Tax Tip: Did you Divorce or Separate from your Spouse?

May 11, 2018

Innocent Spouse Relief (Including Separation of Liability and Equitable Relief) is a key topic when marriage partnerships come to an end.  Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows them. When filing jointly, both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, or penalties that arise from the joint return even if they later divorce. 

There are three types of relief from the joint and several liability of a joint return:

1. Innocent Spouse Relief provides you relief from additional tax you owe if your spouse or former spouse failed to report income, reported income improperly or claimed improper deductions or credits.

2. Separation of Liability Relief provides for the separate allocation of additional tax owed between you and your former spouse or your current spouse you're legally separated from or not living with, when an item wasn't reported properly on a joint return. You're then responsible for the amount of tax allocated to you.

3. Equitable Relief may apply when you don't qualify for innocent spouse relief or separation of liability relief for something not reported properly on a joint return and generally attributable to your spouse. You may also qualify for equitable relief if the amount of tax reported is correct on your joint return but the tax wasn't paid with the return.

Tax Tip: Taxes and Cryptocurrency.                              

May 29, 2018

These are the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.

In some environments, virtual currency operates like “real” currency, i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance, but it does not have legal tender status in any jurisdiction.

Virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that:

- Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.

- Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. Normally, payers must issue Form 1099.

- The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.

- A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property. 

Tax Tip: Tax Return copies and transcripts.

June 11, 2018

The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If a taxpayer is unable to locate copies of previous year tax returns, they should check with their software provider or tax preparer first. 

Even though taxpayers may have a copy of their tax return, some taxpayers need a transcript. These are often necessary for a mortgage or college financial aid application.

To get a transcript, taxpayers can:

 - Order Online - Taxpayers can use the 'Get Transcript' tool on IRS.gov. Users must authenticate their identity with the Secure Access process.

 - Order by Mail - Taxpayers can use Get Transcript by Mail or call 1-800-908-9946 to order a tax return transcripts and/or tax account transcripts.

Tax Tip: Get a Paycheck Check-up! @  www.irs.gov/withholding

June 29, 2018

The IRS is urging taxpayers to use the Withholding Tax Calculator at irs.gov/wittholding to perform a quick 'paycheck checkup'. This is important because of recent changes to the tax law for 2018.

The Calculator helps you to calculate the right amount of tax withheld from your paycheck at work.

Here's why you "must" check your withholding:

💲Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year. Some Taxpayers may prefer to have less tax withheld up front and receive more in their paychecks.

💲💲If you are an employee, the Withholding Calculator helps you determine whether you need to give your employer a 'new '

Form W-4, Employee's Withholding Allowance Certificate. You can use your results from the Calculator to help fill out the form and adjust your income tax withholding.

💲💲💲The Calculator will ask you to estimate values of your 2018 income, the number of children you will claim for the Child Tax Credit and Earned Income Tax Credit, and other items that will affect your 2018 taxes.

💲💲💲💲You will need to gather your most recent pay stubs, income tax return, and a copy of your completed Form 1040.

Tax Tip: New 2018 Tax Reform will affect all Homeowners!

July 11, 2018

New 2018 Tax Reform will affect all Homeowners! If you own property, here's what you can expect:

🏡Property Tax and SALT (state and local tax) deductions will be capped at $10,000! Under current law, you can write off all amounts you pay for state income and local property taxes, but under the new law, that deduction will be limited to $10,000 total.

🏡Interest on Home Equity Loans will no longer be deductible! Under current law homeowners can deduct interest on loans worth up to $100,000, but under new tax law this provision is going away and home equity loan interest will no longer be deductible at all.

🏡The Mortgage Interest Deduction will be limited to $750,000 loans! Under current law homeowners could deduct interest on a home loan of up to $1 million, that cap will be lowered to $750,000 in 2018. 

If you're applying for a new home loan in 2018, you should know about this impending cap.

Tax Tip: 'New 'sample' copy of Form 1040 Postcard!

July 29, 2018

The IRS has released a 'sample' copy of the 'New' Form 1040 Postcard! In an effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.

The new 1040:

🔥Half the size of the current version.

🔥Would replace the current Form 1040 as well as the Form 1040A and the Form 1040EZ.

🔥Will simplify the 1040 so that all 150 million taxpayers can use the same form.

🔥Consolidates the three versions of the 1040 into one simple form.

Tax Tip: Use Withholding Calculator for Paycheck Checkup.

August 11, 2018

The Tax Cuts and Jobs Act changed the way Withholding Tax is calculated. The IRS encourages everyone to perform a “paycheck checkup” to see if you have the right amount of tax withheld for your personal situation. 

See a demonstration of how to do a paycheck checkup using the IRS Withholding Calculator. To give it a try yourself, go to https://www.irs.gov/withholding 

Tax Tip: Individual Retirement Arrangements and Taxes

August 11, 2018

Here are a few facts to help taxpayers understand Individual Retirement Arrangements.

💰Individual Retirement Arrangements or IRAs – are accounts into which someone can deposit money to provide financial security when they retire. A taxpayer can set up an IRA with a bank or other financial institution, life insurance company, mutual fund, or stockbroker.

Here are some terms and definitions related to IRAs and how the arrangements work:

💲Traditional IRA: Contributions to a traditional IRA may be tax-deductible. The amounts in a traditional IRA are not taxed until you take them out of the account.

💲Savings Incentive Match Plan for Employees or a SIMPLE IRA: Employees and employers contribute to traditional IRAs set up for employees.

💲Simplified Employee Pension or an SEP-IRA: A written plan that allows an employer to make contributions toward their own retirement and their employees' retirement without getting involved in a more complex qualified plan. An SEP is owned and controlled by the employee.

💲ROTH IRA: An IRA that is subject to the same rules as a traditional IRA with certain exceptions. For example, a taxpayer cannot deduct contributions to a Roth IRA. However, if the IRA owner satisfies certain requirements, qualified distributions are tax free.

💲Contribution: The amount of money someone puts into their IRA. There are limits to the amount that someone can put into their IRA annually. These limits are based on the age of the IRA holder and the type of IRA they have.

💲Distribution: A withdrawal amount that someone takes out from their IRA.

💲Required distribution: A taxpayer cannot keep retirement funds in their account indefinitely. Someone with an IRA must start taking withdrawals from their IRA when they reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.

💲Rollover: This is when the IRA owner receives a payment from a retirement plan and deposits it into a different IRA within 60 days.

Tax Tip: Scams related to Natural Disasters

August 11, 2018

In the wake of Hurricane Florence, the Internal Revenue Service is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters.

☔Fraudulent schemes normally start with unsolicited contact by telephone, social media, email or in-person using a variety of tactics.

☔Some impersonate charities to get money or private information from well intentioned taxpayers.

☔Bogus websites use names similar to legitimate charities to trick people to send money or provide personal financial information.

☔They even claim to be working for or on behalf of the IRS to help victims file casualty loss claims and get tax refunds.

Help for Disaster Victims:

🏚Comprehensive information on disaster-related tax issues, including provisions for tax relief, can be found on the disaster relief page on IRS.gov.

🏚In the case of a federally declared disaster, affected taxpayers may also call the IRS Special Services Help Line, 866-562-5227, with disaster-related tax questions.

Donate to 'real' Charities!!!

🎗To help taxpayers donate to legitimate charities, the IRS website, IRS.gov, has a search feature, Tax Exempt Organization Search, that helps users find or verify qualified charities. Donations to these charities may be tax deductible.

🎗Contribute by check or credit card.

🎗Never give or send cash.

🎗Don’t give out personal financial information — such as Social Security numbers or credit card and bank account numbers and passwords — to anyone who solicits a contribution.


August 11, 2018

Starting a Home Based Business does not have to be a daunting task. Let me help you! 

🏈Download my new 'ebook' - Home Business Tax Masterclass - IMMEDIATELY @ http://www.lulu.com/shop/alicia-hall/home-business-tax-masterclass-the-basic-keys-to-success/ebook/product-23784606.html

This book covers the basics of:

🏈What you need to know about Federal Taxes and your new Home Business.

🏈Information on calculating and claiming the deduction for business activities in the home as well as business use of the home.

🏈Requirements you must meet to qualify for a deduction, how to determine the business percentage of home use, the types of expenses you can and cannot deduct either in full or according to the percentage, how to determine the limits on deductions, and where to deduct the expenses on your return.

Tax Tip: What is an EIN?

August 11, 2018

🔊An Employer Identification Number (EIN) aka Federal Tax Identification Number, is used to identify a business entity for its business transactions or taxes.

🔊Generally, small and big businesses need an EIN.

🔊An EIN can be used to open up a new business checking/bank account for the business.

🔊You may apply for one online @ www.irs.gov

🔊This is a free service offered by the Internal Revenue Service and you can get your EIN immediately.

Tax Tip: Marijuana and Taxes!

August 11, 2018

Marijuana or Cannabis Business Entrepreneurs generally pay taxes under IRS Tax Code 280E. 

Many marijuana business owners pay taxes in cash because in most states, marijuana is a prohibited substance, and unfortunately, banks are not legally allowed to provide financial services to businesses that deal in state-legal Cannabis or Marijuana. 

Tax Tip: Question: Can I use Virtual or Crypto-currencies for business transactions or Can I accept Crypto-currencies in my business?

August 11, 2018

Answer: Yes, you can!

💱You can accept Crypto-currency as value.

💱You can accept it as a payment if you want to, and then when you accept that payment you can turn around and exchange it for 'fiat' currency like the dollar, or the yen or the euro.

💱You would just need to convert that crypto-currency back to whatever fiat currency you wanted.

💱Virtual Currency has all of the characteristics of traditional money.

💱You can obtain, transfer or exchange it for other currency.

💱You can use it to pay for goods and services such as mobile communication, online stores and other things as well.

💱Digital currencies don't have geographical or political borders.

Tax Tip: It's Disaster Season! 

August 11, 2018

Here's how to deduct the loss of your property after a disaster strikes.

🔥A casualty loss is the damage, destruction, or loss of property resulting from a disaster.

🔥You can deduct casualty losses relating to your home, household items, vehicles, and income-producing personal or business property on your federal income tax return.

🔥You must deduct a casualty loss in the same year or deduct that loss on your return for the next tax year.

🔥If you choose to deduct your allowable loss on your prior-year return, you must do so by the due date of the return, without extensions, in the year the disaster occurred.

🔥If you have already filed your return, you may claim the loss by filing an amended return, Form 1040X.

🔥Calculate the amount of your casualty loss by:

1. Determining your adjusted basis in the property before the casualty.

2. Determining the decrease in fair market value of the property as a result of the casualty.

3. From the smaller of the two amounts you determined in steps one and two, subtract any insurance or other reimbursement you received or expect to receive.

🔥Calculate and report your losses on Form 4684, Casualties and Thefts.

🔥IRS Publication 551, Basis of Assets, helps you figure the adjusted basis in your property.

🔥Publication 547, Casualties, Disasters and Thefts, explains how to determine the decrease in the fair market value of your property as a result of the disaster.

Tax Tip: Get Ready for Tax Season!

August 11, 2018

Major tax reform known as the Tax Cuts and Jobs Act, or TCJA, will affect everyone, and was approved by Congress and signed by President Donald Trump on Dec. 22, 2017.

New changes include:

🍀Increasing the standard deduction.

🍀Suspending personal exemptions.

🍀Increasing the child tax credit.

🍀Adding a new credit for other dependents.

🍀Limiting or discontinuing certain deductions.

🍀Refunds may be different than prior years for many taxpayers.

🍀Some taxpayers may owe an unexpected tax bill when they file their 2018 tax return next year.

What should you do?

✔Gather Documents - File a complete and accurate tax return by making sure you have all the needed documents before you file your return, including your 2017 tax return.

✔Request year-end Forms W-2 from employers.

✔Get Forms 1099 from banks and other payers.

✔Get Forms 1095-A, 1095-B, or 1095-C from Health Insurance Providers.

✔Confirm that each employer, bank or other payer has a current mailing address for you.

Tax Tip: Are you a Military Veteran?

August 11, 2018

Check out these special Tax considerations that Veterans may be eligible to claim for a federal tax refund:

  • Many veterans qualify for an increase in the Veteran's percentage of disability from the Department of Veterans Affairs, which may include a retroactive determination.
  • The combat disabled Veteran can apply for, and be granted, Combat-Related Special Compensation, after an award for Concurrent #Retirement and #Disability.
  • VA Disability Benefits received from the VA should not be included in your gross #income.
  • Payments which are considered disability benefits include:

  1. Disability compensation and #pension payments for disabilities paid either to #Veterans or their families.
  2. Grants for #homes designed for #wheelchair living.
  3. Grants for motor #vehicles for Veterans who lost their sight or the use of their limbs.
  4. Benefits under a dependent-care assistance program.

Tax Tip: Are you educated about 2018 Tax Reform?

August 11, 2018

Here are a few Tax Provisions that will affect Individual Taxpayers:

💡Personal exemption deductions for yourself, your #spouse, or your dependents have been eliminated beginning after December 31, 2017, and before January 1, 2026.

💡For 2018, the standard deduction amount has nearly doubled for all filers:

✔Single or Married Filing Separately—$12,000.

✔Married Filing Jointly or Qualifying Widow(er)—$24,000.

✔Head of Household—$18,000.

💡Most miscellaneous itemized deductions are eliminated:

✔Deductions for employee business expenses.

✔Tax preparation fees.

✔Investment expenses, including investment management fees.

✔Employment related educational expenses.

✔Job search expenses.

✔Hobby losses.

✔Safety deposit box fees.

✔Investment expenses from pass-through entities.

💡The deductibility of SALT - state and local tax payments for federal income tax purposes is now limited to $10,000 per calendar year.

💡The deduction for moving expenses has been suspended for most taxpayers for tax years beginning after Dec. 31, 2017 through Jan. 1, 2026. This suspension does not apply to members of the Armed Forces of the United States on active duty who move pursuant to a military order related to a permanent change of station.

💡Some laws regarding depreciation deductions have changed. A taxpayer may elect to expense the cost of any section 179 property and deduct it in the year the property is placed in service. The new law increased the maximum deduction from $500,000 to $1 million. It also increased the phase-out threshold from $2 million to $2.5 million.

💡Tax Treatment of alimony and separate maintenance payments has changed, and no longer qualifies as tax deductible.

Tax Tip: Start a 'Home-based Business' Today!

August 11, 2018

This eBbook publication covers the basics of:

  • What you need to know about Federal Taxes and your new Home Business.
  • Information on calculating and claiming the deduction for business activities in the home as well as business use of the home.
  • Requirements you must meet to qualify for a deduction, how to determine the business percentage of home use, the types of expenses you can and cannot deduct either in full or according to the percentage, how to determine the limits on deductions, and where to deduct the expenses on your return.

Get Your 'eBook' Publication Now: 


Get Your 'Printed' Copy of The Home Business Tax Masterclass Now + FREE SHIPPING: