IRS updates guidance for deductible business, charitable, medical and moving expenses. . .
Last week, the Internal Revenue Service posted Revenue Procedure 2019-46, which issued guidance for taxpayers with deductible expenses of operating a motor vehicle for business, charitable, medical and moving expenses. This guidance explains changes mandated by the Tax Cuts and Jobs Act (TCJA).
The TCJA suspended the miscellaneous itemized deduction for most employees with unreimbursed business expenses, including the costs of operating an automobile for business purposes. The revenue procedure does not require taxpayers to use any method that it mentions or describes. Taxpayers who maintain adequate records may substantiate actual allowable expenses using previous allowable options.
RP 2019-46 also provides rules to corroborate an employee’s ordinary and necessary travel expenses reimbursed by an employer using the optional standard mileage rates. If you have any questions about certain deductible expenses based on changes made by the Tax Cuts and Jobs Act (TCJA), THE TAX EXPERTS at the Thorgood Law Firm can provide valuable assistance.
It’s the holiday shopping season, it’s important to protect personal information online.
The holiday shopping season is here. Families must stay vigilant in protecting personal information while connected to the internet and shopping online. Much of what we do online, whether sharing devices at home, shopping online, or engaging in social media, risks personal information.
Many less experienced computer users take to the internet during the holiday season. They often put themselves and others at risk by leaving a trail of personal information. Every consumer must treat personal information like gold; and you don’t leave gold lying around for anyone to take it.
Only reveal as much information as necessary. Do not freely share personal information, such as addresses, birthdates, and especially Social Security numbers. Don’t keep a Social Security card in your wallet or purse.
Always use security software when using the internet. Make sure you’re using firewall and anti-virus protections. Encrypt sensitive files such as tax records. Use strong, unique passwords for each login.
Take special care during the holidays when using public Wi-Fi networks. Connection to Wi-Fi in a mall or coffee shop is convenient but it may not be safe. Cybercriminals know how to intercept personal information and will be working overtime during the holiday season.
If you live in the New York or the Tri-State area and have any questions about any tax-related issues, call THE TAX EXPERTS at the Thorgood Law Firm www.thorgoodlaw.com. For a FREE consultation, call 212-490-0704.
