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ABC Accounting

Recent Articles / Blog Posts

09 Dec Tax Insight

Charitable Planning In 2017, Americans donated over $410 billion to charity. As 2018 closes, you may be considering your charitable giving. You can deduct charitable gifts of cash and property, plus deduct your charitable mileage (14¢ per mile). To be deductible, the contributions must go to...

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09 Nov Tax Insight

The New (and improved?) Form 1040 The new Form 1040 has been touted as a simple way for most people to file their income taxes on a page the size of a postcard. Is that really the case? Depending on your situation, it may be. If...

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09 Oct Tax Insight

DISASTER RELIEF  Several recent laws affect disaster relief for taxpayers. What does that mean for you? The Tax Cuts and Jobs Act (TCJA) removes the deductions for casualty and thefts, except for losses from disasters covered by specific federal disaster declarations. On the other hand, the...

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05 Sep Tax Insight

Disability Severance Payments If you were discharged from military service due to a  medical issue between 1991 and 2016, you may have received a lump-sum Disability Severance Payment (DSP). The IRS treated these payments as income, even though they are recouped by decreases to Veterans Administration...

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Important Tax Deadlines Aug. 15, 2018 – Extended exempt organizations returns dueSept. 17, 2018 – Third-quarter estimated taxes dueSept. 17, 2018 – Extended partnerships and S corporations returns dueOct. 15, 2018 – Extended individual tax returns due Tax Notes  The Tax Cuts and Jobs Act raised the Child...

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