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On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act. These set of the laws will affect every American household and business starting January 1st, 2018. Here are 7 changes in the tax law that could affect you: 1. Standard Deduction The standard deduction almost doubled. Single taxpayers are allowed to have $12,000 of non-taxable income in 2018, while in 2017 this number was only $6,500. Those who are married and filing jointly will have $24,000 (201

The popularity of share riding services increases every day as well as the need for drivers. Uber and Lyft drivers are considered self-employed and at the end of the year receive 1099 from its employer. As Uber/Lift driver you have 2 methods for deducting driving expenses - standard mileage or actual expenses. Consult with your tax prepare before filing the taxes which one of these options will be the most favorable for you. Check this list of deductions that each driver can

Many of the small business owners would love to take precautionary steps to avoid tax audit rather than living in fear all the time. There are several reasons why IRS can audit one company instead of another one. Some of them are more complicated than you think, some of them can be easily fixed. Let's look closer at the most common triggers for a small - business tax audit. IRS uses the specific software (Discriminate Function System) to analyze returns and flag them if somet

If you are qualified for a home office deduction, you need to determine how much you can deduct. To determine the value of the deduction you can do two ways. Simplified option: Deduct by the square feet. According to IRS, if your home office has 300 square feet or less you can use this method. The maximum amount that you can deduct using this option is $1500. It is calculated by multiplying 300 square feet by $5 per square foot. Actual expense deduction: Deduct by the percent

Many entrepreneurs start their business from their home, garage, or a basement. However, not everyone meets the criteria to claim the home office deduction. There is a simple explanation when you can use home office deduction. IRS states that you have to meet 2 conditions: 1. Regular and exclusive use. This rule states that the space that you use for a home office must be only for a business use. For example, you can not use your guest bedroom for the office and for your gue

Every year the government of the United States makes changes to the tax laws. At the end of 2016, Congress of the United States cut off some of the credits and deductions. Here is what can affect your 2017 tax return: 1. Mortgage Insurance Premium Deduction Mortgage Insurance Premium or MIP is paid if your down payment is less than 20% on your home loan. The MIP must be paid by the buyer to protect the lender from losses in case if the buyer is not able to make mortgage paym