Keith Boyer CPA's Blog

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

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You may need to adjust your tax withholdings

If you received a large refund after filing your 2017 income tax return, you're probably enjoying the influx of cash. But a large refund isn't all positive. It also means you were essentially giving the government an interest-free loan. That's why a large refund for the previous tax year would usually indicate that you should consider reducing the ...
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Get a head start on 2018 Tax TCJA Planning now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It's especially critical to get an early start this y...
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Section 1031 exchange under the TCJA

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there's a way to defer this tax: a Section 1031 "like kind" exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment.What is a like-kind exchange?Section 1031 of the Internal...
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Can you claim an elderly parent on your tax return?

Perhaps. It depends on several factors, such as your parent's income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is eliminated.Inco...
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