Keith Boyer CPA's Blog

Topics and tips about accounting, taxes, business to personal finance and more!

Moving costs deduction changes in 2018 (TCJA)

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don't itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in 2018, the costs likely won't be deductible, ...
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Most individual tax rates go down under the TCJA

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same. It also makes some adjustments to the income ranges each bracket covers. For example, the 2017 top rate of 39.6% kicks in a...
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Luxury Auto Depreciation under the TCJA (Tax Cut & Jobs Act)

​The Tax Cut & Jobs Act affords a much greater deduction for business use of automobiles than under the previous MACRS depreciation under the old law.  Basically for a vehicle used 100% for business the depreciation deduction is now $49,360 over 4 years, (including bonus depreciation) where as under MACRS the deduction was $21,185. That ta...
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The Home Office Deduction in 2018

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 office expenses are a miscellaneous itemized deduction. For 2017, this means you'...
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