In 2018, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of $500,000 and higher for single filers and $600,000 and higher for married couples filing jointly.

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Effective January 1, 2018, expenses covered by 529 accounts have been expanded to include elementary and secondary school tuition, because of the recent tax-reform legislation. You may now use up to $10,000, each calendar year, from your 529 account for K-12 tuition (public, private, or religious). Please note that the money may come from multiple accounts; however, the $10,000 limit is for each beneficiary.…

The 2017 Tax Season began yesterday. Here are some of the key facts that every individual and business tax payer should be aware of:

1. Tax season opened on January 23, 2017.This means that all returns will now be accepted by IRS. Any returns prepared prior to this date could not be e-filed as the IRS’ system was not open.

2. Taxpayers have a few extra days to file their 2016 returns this year.

If you are a business owner or a self-employed individual, there is a tax deadline that is right around the corner that you need to be aware of; and we aren’t referring to the April 15 deadline! The deadline to issue IRS Form 1099-MISC is January 31. 2017. So how do you know whether or not you need to issue 1099s or if you should have received one and what goes into these forms?…