My CPA says, 'extend.' What does that mean to me?

The tax deadline is quickly approaching. For most people, your individual income tax returns will be due on Monday, April 15, 2019. This is extended to April 17 if you are a resident of Maine or Massachusetts. To some this means nothing, as they've already filed their income tax returns, and have received their refund, or paid their tax due. To others, this statement is enough to induce an...

There’s still time for small business owners to set up a SEP retirement plan for last year

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return.

Contribution deadlines

A SEP can be set up as late as the due date...

Vehicle-expense deduction ins and outs for individual taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.

For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through 2025,...