Thinking ahead to tax season: Do you know what’s taxable?
The tax laws have changed. Take Kiplinger’s Personal Finance Quiz to find out if you know what IS and what IS NOT taxable. If your results show you need more help with determining what is taxable, please feel free to give our office a call. Your accountant will be...
529 Plans: 2018 Tax Law Changes
For parents or grandparents, 529 plans can be a smart way to save for schooling. Here are recent legislative changes: Saving– Annual contribution limits double in 2018 from $2,000 to $4,000 per beneficiary. Paying for expenses– Beginning in 2018, 529...
First-Time Abatement: An IRS Hidden Treasure
Have you received a notice from the IRS, stating you owe money and/or have had penalties and interest applied? The IRS sends thousands of these letters to taxpayers every year. At Nichols & Company, we always recommend you send a copy of your notice to us and let...
I moved — Are any of my expenses tax deductible?
Good news! If your move was job-related, you could be looking at some tax deductions. Here are some helpful tips to determine what is relevant: -The move must be within a year of your start date at the new job. -Your new job must be at least 50 miles farther from your...