Our Blog

Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

March 20, 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 breaks may not be as valuable when you file your 2018 return next year.


2017...

Read More...

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

March 1, 2018

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018.


2017 Sec. 179...

Read More...

What's your mileage deduction?

March 1, 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 deductions under the Tax Cuts and Jobs Act...

Read More...

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

February 16, 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 deduction.


But a couple of tax credits are also available. Tax credits...

Read More...

Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

February 16, 2018

Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set...

Read More...

TCJA Temporarily lowers medical expense deduction threshold

February 6, 2018

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.


What expenses are eligible?


Medical expenses may be...

Read More...

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

February 5, 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 that provide...

Read More...

Claiming Bonus Depreciation on your 2017 tax return may be particularly beneficial

February 5, 2018

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation.


Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by...

Read More...

Meals, Entertainment and Transportation may cost businesses more under the TCJA

January 23, 2018

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. In effect, the reduced tax...

Read More...

Personal exemptions and standard deductions and tax credits, oh my!

January 16, 2018

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether...

Read More...

Don't be a victim of tax identity theft: File your 2017 return early

January 11, 2018

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to?


But it can be a good idea to file as close to...

Read More...

New tax law gives pass-through businesses a valuable deduction

January 9, 2018

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the...

Read More...

MN Revenue Tax Changes for 2017

January 8, 2018

Gov. Dayton signed an omnibus tax bill that makes a number of changes to corporate income and personal income taxes, including establishing new subtraction modifications and new credits.  This is separate from adopting any changes related to the Tax Cuts and Jobs Act passed by Congress in late December 2017.

Here is a list for Individuals:

  1. Credit for attaining...

Read More...

Tax Cuts and Jobs Act: Key provisions affecting individuals

January 4, 2018

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers.


The following is a brief overview of some of the most significant provisions. Except where noted, these changes are effective for tax years beginning...

Read More...

The New Tax Bill (TCJA) temporarily expands bonus Depreciation

January 2, 2018

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return.

Pre-TCJA bonus...

Read More...

Key provisions of the TAX CUT and JOBS ACT affecting individuals

December 26, 2017

 

Expiring after 12/31/2025 unless otherwise noted

  • Individual tax rate decreases ranging from 0 to 4% (depending upon the bracket)
  • Increases standard deduction to $12,000 and $24,000 for individuals and married filing jointly taxpayers, respectively.
  • Eliminates personal exemptions.
  • Child tax...

Read More...

Tax Cuts and Jobs Act: Key provisions affecting businesses

December 26, 2017

The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses.


Here’s a look at some of the most significant changes. They generally apply to tax years beginning after December 31, 2017,...

Read More...

Should you buy a business vehicle before year end?

December 14, 2017

One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase.


Your 2017 deduction


Business-related purchases of new or used vehicles may be...

Read More...

It's a New Brand Day!

It's a New Brand Day at The Leary Group! We are excited to announce the recent launch of our firm’s new brand. We’ve been working very hard to enhance our website, develop helpful new client communications, and give our firm a facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure...

Read More...

Client Center

- Individual Clients
- Business Clients
- Client Employee

(QuickBooks Online)

(Hosted QuickBooks)

Join a scheduled video meeting with our staff.

Using Your Client Organizer
How to Review My 1040
Using File Exchange
Remote Payroll

Memberships

AICPA

Phone: 651.450.9373 • Fax: 651.450.9214
Emailjp@learycpa.com