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Individual tax calendar: Important deadlines for the remainder of 2018

Individual tax calendar: Important deadlines for the remainder of 2018

by Capocore Professonal Advisors | Apr 17, 2018 | Individual Tax Brief

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when...
Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

by Capocore Professonal Advisors | Apr 10, 2018 | Individual Tax Brief

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline...
You still have time to make 2017 IRA contributions

You still have time to make 2017 IRA contributions

by Capocore Professonal Advisors | Apr 3, 2018 | Individual Tax Brief

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible...
Can you claim your elderly parent as a dependent on your tax return?

Can you claim your elderly parent as a dependent on your tax return?

by Capocore Professonal Advisors | Mar 27, 2018 | Individual Tax Brief

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...
Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

by Capocore Professonal Advisors | Mar 18, 2018 | Individual Tax Brief

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and...
Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

by Capocore Professonal Advisors | Mar 13, 2018 | Individual Tax Brief

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an...
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Capocore Professional Advisors - 46 W. Shadbolt Ste A Lake Orion, Michigan 48362