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...
by Capocore Professonal Advisors | Mar 6, 2018 | Individual Tax Brief
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors...
by Capocore Professonal Advisors | Feb 19, 2018 | Small Business Tax
Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper...
by Capocore Professonal Advisors | Feb 5, 2018 | Small Business Tax
With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically,...
by Capocore Professonal Advisors | Jan 30, 2018 | Individual Tax Brief
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform...
