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Monthly Archive for: ‘August, 2018’

  • Tax Form Pic

    UCM’s Recap of the Recently Passed Tax Cuts and Jobs Act for Individuals

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    In December 2017, President Trump signed into law the Tax Cuts and Jobs Act (“Tax Act” or “Act”), which introduces the most significant changes to the U.S. tax system since 1986. With a few exceptions, the provisions are generally effective starting in 2018. However, many …

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    UCM’s Recap of the Recently Passed Tax Cuts and Jobs Act for Business

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    In December 2017, President Trump signed into law the Tax Cuts and Jobs Act (“Tax Act” or “Act”), which introduces the most significant changes to the U.S. tax system since 1986. With a few exceptions, the provisions are generally effective starting in 2018. Although the …

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    Important Tax Deadlines

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    2018 individual quarterly estimated Federal tax payments are due September 17, 2018 and January 15, 2019 for the remainder of the year. The extended business tax deadline is September 17, 2018 and the extended individual tax deadline is October 15, 2018. In order to meet …

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    How Long Should I Keep My Tax Documents?

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    Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons: (1) in case the IRS or …

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    Why Less Withholding Now May Result In More Tax Next Year

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    With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time next year. …

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    Bunching Your Deductions: How It Works

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    The Act increased the standard deduction and placed new limitations on itemized deductions. Beginning with 2018 tax returns, the standard deductions will be: $12,000 for single individuals and married people filing separately, $18,000 for heads of household, and $24,000 for married taxpayers filing jointly. If …

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    Charitable Giving Options

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    Some recent special tax deduction changes make 2017 a unique year for charitable giving. This article provides you a guide to these special provisions in addition to those that have historically provided tax benefits. Normally, deductible charitable contributions are limited by a percentage of your …

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    Are you required to file 1099’s?

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    If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC by January 31 of the following year. If you fail to do so and your income tax return is …

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