The straight line

Category Archives: Personal Tax

Spouses Are Guilty Until Proven Innocent

When you got married, you knew it was for “better or worse.” But you might not know about laws that hold you responsible if your spouse cheats on a tax return. Married couples filing jointly should be aware that: You are both responsible for tax, interest and penalties — even after a divorce or the death...

keep reading

New Tax Law

The new tax law signed on December 22, 2017 by President Trump impacts all taxpayers in some way. We have previously issued summaries of how the tax law impacts your cooperative, member farmers and non-member farmers. Here is a summary of the high points of the law covering items of interest for cooperatives, member and...

keep reading

Important Tax Figures for 2018

The following table provides some important federal tax information for 2018, as compared with 2017. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2018 2017 Social Security Tax Wage Base $128,400 $127,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%...

keep reading

6 Last-Chance Tax Breaks: Do You Qualify?

The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As a result, millions of Americans who have itemized deductions...

keep reading

Important Changes for Individuals in the New Tax Law

For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things that individual taxpayers need to know about the TCJA, which was signed into law on December...

keep reading