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      2019

      Avoiding the Penalty on Early Distributions

      Tax-Tip Tuesday, Avoiding Penalty on Early Distributions, Distributions, Penalty Relief, 2019, 2018 Tax Return

      Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employer-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2?

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      Penalty Relief for Withholding: Estimated Tax Shortfalls

      Tax-Tip Tuesday, Penalty Relief for Withholding, Estimated Tax Shortfalls, Tax Consequences, 2019, 2018 Tax Return

      The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch:

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      Standard Mileage Rates for 2019

      Tax-Tip Tuesday, Standard Mileage Rates, 2019

      Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:

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      Like-kind Exchanges are Limited to Real Property

      Big 3, Like-Kind Exchanges, Limitations, Important Tax Changes 2018, 2019

      The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. One tax provision that taxpayers should be aware of is that like-kind exchanges are now generally limited to exchanges of real property. Here's what you need to know:

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      Important Tax Changes for Individuals and Businesses for 2019

      Big 3, Planning for Tax Changes, Important Tax Changes 2018, 2019

      Every year, it's a sure bet that there will be changes to current tax law and this year is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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      Tax Consequences of Losing your Job

      Tax-Tip Tuesday, Losing Your Job, Tax Consequences, Taxes, 2019

      If you've lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

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