Tag Archives | tax cuts and jobs act individuals

chalk board with education tax breaks written on it

Education Tax Breaks for Parents

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Available Education Tax Breaks Summary 1. Higher education tax credits. Generally, you may be able to claim […]

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woman surprised by her tax bill

Adjust Your Tax Withholding

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free […]

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Little Red Riding Hood and Big Bad Wolf | The big bad kiddie tax | Dalby Wendland & Co. | CPAs & Business Advisors | Grand Junction CO | Glenwood Springs CO | Montrose CO

The Kiddie Tax

The “kiddie tax” name sounds cute, but it is not what it may seem. Changes made by the Tax Cuts and Jobs Act (TCJA) makes the tax more serious and now, children with unearned income could wind up in a tax bracket higher than that of their parents. However, the TCJA also created new opportunities […]

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small sad kid, with investment calculation

TCJA Makes “Kiddie Tax” Worse

In 1986, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from transferring income (usually from investments) to their children in lower tax brackets. While the tax troubled some families in the past, the Tax Cuts Jobs Act (TCJA) has made it worse today by revising the tax rate […]

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business man in car driving

Vehicle Expense Deduction for Individuals

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through […]

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2018 Tax Deductions

2018 Individual Tax Deductions

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five 2018 tax deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State […]

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