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UPDATES&INSIGHTS: TAX – February 2019

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Fewer Taxpayers to Qualify for Home Office Deduction

Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do so. Read More

Multistate resident? Watch Out for Double Taxation

Contrary to popular belief, no federal law prohibits multiple states from collecting tax on the same income. This article raises some important points to keep in mind for those who maintain residences in more than one state (or may soon do so). A sidebar looks at some ways an individual can establish domicile in a new state. Read More

Throwing Snowballs at Your Mountain of Debt

Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. This brief article explores a debt-reduction approach called “throwing snowballs,” which involves organizing debts from lowest to highest balance and knocking them down one by one. Read More

You’ve Got Time: Small Businesses Can Still Set Up a 2018 SEP Plan

Simplified Employee Pension (SEP) plans can be flexible and, well, simple vehicles that small businesses can use to offer retirement benefits to employees. This article explains how they work and reminds readers that there’s still time to set one up to benefit on a 2018 income tax return. Read More