Deduction – New 20% Pass-Through Tax Break

New Tax Laws for 2018
New Tax Deduction

We are reaching out to you to let you know about one of the many changes in 2018 due to the new tax law.  If you own a business, this deduction will more than likely apply to you.

Bottom Line:  Because of the new tax law, tax planning for business owners will be especially crucial this year.  We are still expecting regulations from the IRS regarding the new pass-through business deduction (hopefully by the end of the summer), but we wanted to notify you of what’s coming.

We also understand that taxes – especially business taxes – can be confusing.  Please feel free to contact us at 770-478-7424 or at info@logginscpa.com to setup a consultation with a CPA.


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Tax Season Hours

It’s that time again – Tax Filing Season! 

That means you need to start gathering your important tax documents for this year’s return preparation.  For Loggins Kern & McCombs employees, [Read more…]

Tips for Taxpayers Who Missed the Tax Deadline

If you missed the April 15 tax filing deadline, don’t panic.  Loggins Kern & McCombs can assist with all aspects of your tax preparation needs.  Here are a few tips: [Read more…]

Form 1099 FAQ

Form 1099Form 1099 is something that most people have heard of, seen or even received.  Even those people are not 100% sure about what are they, who gets them, who needs to send them, and why? [Read more…]

Affordable Care Act – Individuals

RS_Affordable_Care_Act_for_Health_Insurance_Market_PlaceNew IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption

Taxpayers who might qualify for an exemption from having qualifying health coverage and making a payment should review a new IRS publication for information about these exemptions. Publication 5172, Health Coverage Exemptions, which includes information about how you get an exemption, is available on IRS.gov/aca.

The Affordable Care Act calls for each individual to have qualifying health insurance coverage for each month of the year, have an exemption, or make an individual shared responsibility payment when filing his or her federal income tax return.

You may be exempt if you:

  • Have no affordable coverage options because the minimum amount you must pay for the annual premiums is more than eight percent of your household income,
  • Have a gap in coverage for less than three consecutive months, or
  • Qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage or belonging to a group explicitly exempt from the requirement.

affordable-care-act-calculatorOn IRS.gov/ACA, you can find a comprehensive list of the coverage exemptions.

How you get an exemption depends upon the type of exemption. You can obtain some exemptions only from the Marketplace in the area where you live, others only from the IRS when you file your income tax return, and others from either the Marketplace or the IRS.

Health-Insurance-Marketplace-stacked-logo-600x172Additional information about exemptions is available on the Individual Shared Responsibility Provision web page on IRS.gov. The page includes a link to a chart that shows the types of exemptions available and how to claim them. For additional information about how to get exemptions that may be granted by the Marketplace, visit HealthCare.gov/exemptions.

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Five Ways to Spot a Phone Scam

Tax ScamsThe IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re due a refund. The refund is a fake lure so you’ll give them your banking or other private financial information. [Read more…]

Back-to-School Tax Credits

canstockphoto3690161Are you, a spouse or dependent enrolled in college? If so, here’s a quick tip: some of the costs you pay for higher education can save you money at tax time.

Here are several important facts you should know about education tax credits: [Read more…]

Special Per Diem Rates for 2014-2015

11.06_1099The IRS has provided the 2014-2015 special per diem rates effective October 1, 2014, which taxpayers may use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.  The rates are the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.  Use of a per diem substantiation method is not mandatory.  A taxpayer may substantiate actual allowable expenses if the taxpayer maintains adequate records or other sufficient evidence for proper substantiation. [Read more…]

Safeguard Tax Returns

IRS - Disaster PlanningSome natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare: [Read more…]

There’s an Updated App for That

irs2go_phonev2

The latest version of the IRS2Go app is now available.  This version has a brand new look and feel with new added feature.  “The new version of IRS2Go provides taxpayers another way to quickly get information and help around the clock,” said IRS Commissioner John Koskinen. “The IRS is focused on providing taxpayers with convenient self-service tools like IRS2Go, which provides details on everything from tax refunds to free tax assistance.” [Read more…]