by dmdcpas | Oct 4, 2018 | 2018 Fall newsletter
What is qualified business income deduction? Section 199A qualified business income deduction is available from 2018 to 2025. Taxpayers may deduct 20% of Qualified Business Income from Partnerships, S Corporations, Sole Proprietorships (Schedule C?s) and Real Estate...
by dmdcpas | Oct 4, 2018 | 2018 Fall newsletter
We recently received an interesting question from a client that we know many of you may have as well: ?My daughter-in-law is doing a PhD and has an NSF Fellowship from the government.? Interestingly, the government does not take out taxes nor provide a W2 or 1099...
by dmdcpas | Oct 4, 2018 | 2018 Fall newsletter
The IRS has recently launched a new format for individual tax transcripts to protect taxpayer data from unauthorized disclosure and theft. The new format will redact personally identifiable information from the Form 1040 series.? Financial entries will remain visible,...
by dmdcpas | Oct 4, 2018 | 2018 Fall newsletter
A natural disaster can strike at any time. Take time now to: Document valuables ? including by photographing or videotaping the contents of your home. Review and update your emergency plans annually. Visit Gov for help with planning. Create electronic copies of key...
by dmdcpas | Oct 4, 2018 | 2018 Fall newsletter
The Tax Cuts and Jobs Act, the tax reform legislation passed last December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and...
