Tax Strategies & Credits

Common Tax Deductions You Might Miss

8/19/2018

For a vast majority of people, income taxes are a byzantine maze to navigate. That's why millions of Americans trust a tax professional to help them, not just during the busy tax filing season but year-round, with questions about unexpected life and income-related events as well as other tax-planning matters. In the face of the 2018 tax reform and the numerous material changes it brought about, tax planning is especially prescient right now as there is a lot of confusion surrounding tax benefits that may no longer exist and new benefits that have been created. While the tax-planning process was always complex simply due to the nature of the intensely long Internal Revenue Code plus state tax matters, the Tax Cuts and Jobs Act is the most major change made to the tax code in several decades.

Tax professionals in the TaxBuzz community have weighed in on common missed deductions and planning missteps that are now being magnified by the 2018 tax reform.

"Tax return preparation is writing a financial history. Tax planning looks to the future."

Failing to plan is one major misstep most people make.

It's always crucial to bring your last tax return to a new tax professional because it provides them with a road map of sorts. While your income can be drastically different than the prior year, a historic view of your finances can help tax professionals better understand your situation and how it's changed over time since the IRS also looks at it. Judy Coker EA, CAA says "[Tax planning] varies from taxpayer to taxpayer depending upon their financial and personal goals and situation." While the laws apply to every taxpayer regardless, every taxpayer has unique circumstances in which their personal tax matters don't always have a one-size-fits-all answer.

Tax help doesn't stop at just preparing your most recent open tax return. Tax planning is all about looking at your present and near future. Coker adds, "It is important for the Tax Planner to conduct a discovery session to gather information about the taxpayer's unique story and set of facts. Only then can the Tax Planner come up with strategies for pro-active tax planning to save the client money in the current and future years." Just like how your personal and financial circumstances can change throughout time, the same is most definitely true of tax law as the 2018 reform has shown us, which is why you should consult your tax professional as needed or make a regular annual tax planning appointment.

Don't forget to save for retirement

Saving for retirement can be difficult if your income feels stretched on living expenses and paying off debts. But if you save even a little in an IRA or other eligible plan, there are tax benefits for low and moderate income earners such as the Saver's Credit that you may qualify for. If you're doing this at the last minute, you have until the next tax return's due date to make a contribution and have it count for that tax year (so you'd have until April 15, 2019, to have it count for 2018).

Small business owners need to especially take note. "When you own a business there can be many tax advantages and one missed deduction is saving for your retirement," Joshua Standley, EA, ABA of DKK Accounting LLC has pointed out. "With several options available it's important to talk to your accountant or tax advisor to plan for the best strategy to maximize your deductions." For instance, you can contribute significantly more than most people with a Simplified Employee Pension even if you're a non-employer and have the same deferred contribution window as individuals do. This retirement-planning maneuver is often overlooked because people tend to focus just on personal finance like IRAs and 401(k) plans instead of what their small business can do.

Incorporating saves big bucks

Luba Milgram of Starlite Tax Solutions recommends that small business owners incorporate once their income increases. "By incorporating [as a C corporation] and paying yourself a smaller salary, you reduce the amount of income you claim on your personal tax returns and enable yourself to take advantage of tax benefits for corporations." With the incredibly low corporate tax rates the 2018 reform has ushered in — which are also permanent, unlike the personal tax provisions — it's definitely worth weighing your options between staying with a pass-through entity or going for a C corporation.

Kim Justice of CPA By the Bay recommends S corporations for their versatility and the major tax savings they present, which may be bolstered by the new pass-through entity deduction that does apply to S corporation shareholders. With the limitations based on both income and professions for pass-through businesses, S corporations may not be as favorable as they once were given the new permanent reductions in C corporation and personal service corporation rates. However, this is why a tax consultation is an excellent investment in the face of this major tax code overhaul.

There are several other overlooked deductions and strategies that a new tax professional can help with, and good planning is going to be critical for successfully navigating the new tax code.

Lee Reams II, writes for TaxBuzz, a tax news and advice website. Reach him at [email protected] or on LinkedIn.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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