Did you know The Tax Cuts and Jobs Act was issued and installed more than a 100 new tax provisions? Don’t miss out on this fantastic news, and come to Pathways where we can start planning your taxes NOW and save you money in the upcoming tax season!
Pathways will makes sure you itemize your deductions appropriately with the new 2019 installment! We will help ensure that either the standard deduction or itemizing is what is in your best interest. When it comes to medical expenses, the threshold for deductions has returned to the past 10%, which make it difficult to qualify once again. These thresholds would include payments made to doctors such as care physicians and dentists, optometrists, and even reaching to equipment such as glasses, oxygen tanks, and medications.
For those who are high-income taxpayers, the recommendation to offset capital gain remains an option. This is where the option to sell underperforming investments comes into play; some have the option to defer income into January by delaying invoices to where payment arrives within the following year’s taxable income. For the charitable hearts, you now will have to itemize deductions if you want to claim deductions on the donations you gave. Take your IRA and 401K seriously by ensuring you are putting away the cap amount in each every year. This will also shrink your taxes!
Don’t waste any more time, as November comes to an end here soon, there’s only one month left within this year to prepare for tax season. Take advantage of that and head over to Pathways Consulting where we can help you prepare for tax season NOW!
Financial Transaction Tax
A financial transaction tax is characterized as a levy on a particular transaction of a certain purpose. It is also important for any business and owner to be conscious of. Since the start of the first financial transaction bill in 2008, financial transaction tax bills have been proposed multiple times since 2009 in the U.S.
The bill that is in use now, suggested a tax of 0.25% of stock, 0.02% of features contracts on the buying or selling of specified commodity, and 0.02% of credit default swaps between two firms would be implemented. The projected revenue of this tax, being $150 billion, would be used deficit reduction and job promotion.
While this tax does not apply to families, the businesses within the United States are subject to adhering to these financial transaction tax policies. What do you think about this tax? Is the revenue from it going to appropriate places, or would you rather it be put elsewhere? Tell us in the comments below!
Pathways focuses on helping and educating the businesses within the Summerville area and strive to see the businesses grow! Call us today for any of your accounting or tax needs!
Tax Planning: Why it is Important
We have talked in the past of how important organization is to how you approach your taxes. We may not need to remind you but tax season is approaching quickly and you need to be prepared. We suggest you start planning your taxes now, so here are a few ways you can start planning your taxes in advance to make the January tax season simple.
Tax planning can be done throughout the year by taking into consideration tax law provisions, tax breaks, and using every tax credit and deduction available to you. Take advantage of the legal ways you can save on your taxes, if you do not understand the ways listed above, come into Pathways and sit down with an expert who will explain everything to you.
It is also important that when your tax planning you take the time for financial planning. The last thing anybody wants to do is get to tax time and realize that they owe money on taxes. If you plan financially to have money saved up for this specific reason, tax season will come as less of a shock.
Everyone knows how stressful tax season can be but with the above tips you can ensure your tax season will run smoothly. If you would rather meet with an expert to sit down and ask your questions, please feel free to contact Pathways for an appointment.
The Pathways Team