Individuals and Small Businesses – Time for a Tax Check-up!

There’s no time like the present for a tax check-up, especially when you think about the many changes within the new Tax Cuts and Jobs Act legislation. These changes have the potential to significantly impact your personal or small business income tax return for the tax year 2018 and the next several years thereafter.

Let’s get started! Read the checklist below. If even one item on the checklist applies to you, contact a Tronconi Segarra & Associates tax advisor to discuss how your 2018 income tax return may be impacted. There are no right or wrong answers…it’s just a way for you to begin to understand how your tax situation may be different from that of years’ past and be prepared for the 2019 income tax filing deadlines.

  • Alternative Minimum Tax (AMT)?
  • Business owner: self employed? Eligible for the new 20% Qualified Business Income (QBI) deduction?
  • Charitable contributions that are large?
  • Children with investment income?
  • Combined real estate and NYS income taxes in excess of $10,000 (the “SALT” cap)?
  • Disabled child?
  • Divorce agreement to be finalized by the end of 2018 or in 2019 that has alimony or maintenance payments?
  • Gambling trade or business (at individual level)?
  • Hobby loss expenses?
  • Home equity debt?
  • Miscellaneous deductions in excess of 2% of your adjusted gross income? Examples of common miscellaneous deductions include:
    • Expenses for the production of income
    • Hobby loss expenses
    • Investment expenses
    • Unreimbursed employee business expenses
  • Mortgage in excess of $750,000?
  • Real estate ownership of more than one property?
  • Rental activities: Eligible for the new 20% QBI deduction?
  • Tuition expenses for elementary, secondary or college education?
  • Withholding changes in 2018 due to the Tax Cuts and Jobs Act?

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