by Gardner, Loutzenhiser & Ryan, P.C. | Jan 30, 2018 | Individual
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform...
by Gardner, Loutzenhiser & Ryan, P.C. | Jan 29, 2018 | Small Business
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...
by Gardner, Loutzenhiser & Ryan, P.C. | Jan 23, 2018 | Individual
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home...
