May 2019 - HBL CPAs

May
30
2019

Error in Tax Calculation in Schedule D Tax Worksheet (Form 1040)

The 2018 Schedule D Tax Worksheet in the Instructions for Schedule D (Form 1040) contained an error. The tax calculation did not work correctly with the new TCJA regular tax rates and brackets for certain Schedule D filers who had 28% rate gain (taxed at a maximum rate of 28%) reported on line 18 of Schedule D or unrecaptured section 1250 gain (taxed at a maximum rate of 25%) reported on line 19 of Schedule D.

May
30
2019

Home Office Deductions

Home office deduction benefits eligible small business owners | Internal Revenue Service http://bit.ly/2EHKl3G

May
27
2019

Memorial Day

May
24
2019

Fundraising

Developing a fundraising plan that works

A not-for-profit can have many strengths and still struggle to meet fundraising goals because it lacks a strategic fundraising plan. To develop one, form a fundraising committee consisting of board members, executives and key staffers. Review historical funding sources and approaches, and weigh the advantages and disadvantages of each. Then brainstorm new sources and approaches. A functional budget is crucial. It should include operating expenses,

May
22
2019

Selling your home?

Selling your home? Consider these tax implications

Depending on where you live, you may see “for sale” signs dotting the landscape. Spring and summer are the optimum seasons for selling a home. So it’s a good time to review the tax implications. If you’re selling your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain, so long as you meet certain tests. For example, you must have owned the property for at least two years during the five-year period ending on the sale date.

May
14
2019

2019 – 05/06 – What type of expenses can’t be written off by your business?

If you spend money in the course of doing business, you want to be able to deduct it on your tax return. But in order to write off expenses, they must meet certain requirements. Under federal tax law, you can deduct “ordinary and necessary” business expenses. In general, an expense is considered ordinary if it’s common or customary in the particular trade or business. A necessary expense is defined as being helpful or appropriate. In order to be deductible,

May
09
2019