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Tag Archive for Barry Fowler Tax Advisor

How Soon You Will See Results Of The New Tax Brackets

Moving Forward With New Tax Law

It will be awhile before we all understand the ins and outs and the subtleties of the new tax code. While it is being studied and while the IRS is implementing the changes I’ll do my best to help you understand how you may be affected when you file taxes for 2018. The time to take advantage of any benefits that might have been gained for the 2017 filing period has passed.

For example, in 2018 the charitable deduction has doubled for a married couple filing jointly from $12,000 to $24,000. Had you acted quickly you could have established a donor directed fund or you could have increased your charitable giving by year end and taken a larger deduction on your 2017 taxes.

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Taxpayers -Top 10 IRS’s Tips Deducting Casualty Losses

Barry Fowler Tax Advisor

If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.

Damage that occurs as a result of natural disaster, fires, accidents, thefts or vandalism are often tax deductible if the loss is major and not covered by insurance or other reimbursement. It’s important to be aware of the help the IRS provides in the event of a disaster.

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