IR-2018-32: Interest on Home Equity Loans Often Still Deductible Under New Law One of the most-often asked questions we receive about The Tax Cuts and Jobs Act is the deductibility of interest on home equity lines of credit (HELOC) and second mortgage. Here is some information regarding that question. It doesn’t answer all possible scenarios … [more]
Here’s a link to a good article on itemized deductions after the Tax Cut and Jobs Act of 2017 was passed in December. Please call us with any questions-we’re here to help you! https://www.forbes.com/sites/kellyphillipserb/2017/12/20/what-your-itemized-deductions-on-schedule-a-will-look-like-after-tax-reform/#111116206334
Johnson Smith and Associates – Our office has received a few phone calls where the caller has indicated they received a call or a voicemail stating that someone with Johnson, Smith and Associates would be hand-delivering some important documents to their residence and they needed to verify that someone above the age of 18 would … [more]
As some of you may have noticed, we recently changed our name!! Johnson, Smith & Associates, PLLC is now JSA CPAs, PLLC! We will still be providing the same exceptional services which you have come to depend on us for. Our office location, phone, and fax numbers will remain the same. Our website is now … [more]
IRS announced the 2016 standard mileage rates as follows: Standard mileage rate for business use decreased to 54 cents per mile. Medical and moving mileage rate decreased to 19 cents per mile. Charitable mileage deduction remains at 14 cents per mile. These rates are effective 1/1/2016.
As December 31, 2015 rapidly approaches, we would like to take this opportunity to remind you of a few items that can require special reporting. These items can increase your tax liability and trigger penalties if not accounted for correctly. S-Corporation Shareholder-Employees If your S-corporation pays health and accident insurance premiums on behalf of greater-than-two … [more]