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April 9, 2019

Last-Minute Tax Season Resources

With the tax filing deadline less than a week away, taxpayers across the country may be looking for last-minute tips or professional guidance to help navigate the ever-changing tax landscape.

The filing process for 2018 returns is uncharted territory as it’s the first time Americans are filing under the Tax Cuts and Jobs Act (TCJA). With that, individuals and business owners alike may reasonably have questions regarding how this overhaul of the nation’s tax code could impact their tax bills.

That’s why various well-respected media outlets turned to our tax experts for their insight on everything from money-saving tips in light of tax reform, to overlooked tax deductions and beyond. Below you’ll find a compilation of timely resources featuring CBIZ MHM professionals that can put you on the path toward a successful tax filing season. 

  1. Trump’s tax reform has some taxpayers suffering from sticker shock

Surprise tax bills are an unpleasant yet frequent occurrence during any tax season. In this Financial Advisor Magazine article, Nate Smith, Director at CBIZ MHM’s National Tax Office, explained why individuals in higher income tax brackets may be vulnerable to owing more on their returns in the post-tax reform landscape.

  1. 10 tax write-offs you shouldn’t overlook

In this U.S. News & World Report article, Laura Plotner, a Tampa-based Tax Managing Director at CBIZ MHM, shed light on a few key tax deductions for individuals. According to Laura, one commonly overlooked write-off that could significantly lower your 2018 tax bill is deducting home improvements completed for a medical reason.

  1. A key tax deduction for telecommuters is gone. Here are options for easing the pain

Telecommuters, or full-time remote workers, may face a higher tax bill this year as the TCJA eliminated the option to write off business expenses unreimbursed by their employers. While there are a number of ways to mitigate the effects of this lost tax break, Bill Smith, Managing Director at CBIZ MHM’s National Tax Office, explained to CNBC.com that those workarounds may come with added costs to consider.

  1. 12 tax deductions that disappeared this year

As taxpayers adjust to the TCJA, they’ll likely notice a handful of deductions have disappeared under the new tax code. U.S. News & World Report turned to Shaun McClung, Tax Managing Director at CBIZ MHM’s Tampa office, for his insight on these now-extinct tax breaks. Shaun noted that the $10,000 cap on state and local tax (SALT) deductions in particular will affect middle class taxpayers, especially those living in states like California and New York.

Check out our website for additional tax season coverage, and feel free to contact me directly at shenley@cbiz.com with any questions related to last-minute tips for this filing season.  

2019 Business Tax Planning Supplement

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