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Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better...

Taxpayers born before July 1, 1948, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the...

Farmers and ranchers should be aware of changes in how they depreciate their farming business property. These changes took effect in 2018 as a result of tax reform legislation passed in December 2017. Depreciation is an annual income tax deduction that allows a...

Dollar limitations for pension plans and other retirement-related items for 2019 are as follows: In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth...

If you have children, you may be able to reduce your tax bill using these tax credits and deductions. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. Qualifying dependents must have a valid Social...

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals. It's almost impossible to set spending...

Here's what business owners need to know about tax changes for 2018. Standard Mileage Rates  The standard mileage rate in 2018 is 54.5 cents per business mile driven. Health Care Tax Credit for Small Businesses  Small business employers who pay at least half the...

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season. Personal Exemptions  Personal exemptions are eliminated for tax years 2018...

FEMA (Federal Emergency Management Agency) has declared a number of counties in Florida, Georgia, North Carolina, South Carolina and Virginia disaster areas due to hurricanes Michael and Florence. Any area declared a major disaster as designated by FEMA qualifies for...

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are...