McCullough & Associates Blog


Jan 16, 2018

Tax Reform Eliminates 50 Percent Business Entertainment Deductions

With the recent passage of the 2017 Tax Cut and Jobs Act comes a big change to business entertainment deductions. The 1986 Tax Reform Act reduced the business entertainment deduction to 80 percent.  Then, in 1993 it was reduced again to 50 percent.  The recent tax reform has completely done away with business entertainment deductions, effective January 1, 2018.  

For example, during

Jan 03, 2018

2018 Standard Mileage Rates

The Internal Revenue Service has issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

  • 54.5 cents per mile for business miles driven, up 1 cent from…

Dec 29, 2017

Part 5: 2017 Tax Cuts and Jobs Act - What You Need to Know

Today we wrap-up our series highlighting some of the provisions in the recent Tax Cuts and Jobs Act.  All provisions are effective 1/1/2018 unless otherwise stated.  As always, if you should have any questions, please feel free to reach out to our office.

Additional Changes for Businesses

 

Dec 28, 2017

Part 4: 2017 Tax Cuts and Jobs Act - What You Need to Know

Today we continue our series highlighting some of the provisions in the recent Tax Cuts and Jobs Act.  All provisions are effective 1/1/2018 unless otherwise stated.  As always, if you should have any questions, please feel free to reach out to our office.

Changes for Businesses

 

Dec 27, 2017

Part 3: 2017 Tax Cuts and Jobs Act - What You Need to Know

Today we continue our series highlighting some of the provisions in the recent Tax Cuts and Jobs Act.  All provisions are effective 1/1/2018 unless otherwise stated.  As always, if you should have any questions, please feel free to reach out to our office.

Additional Changes for Individuals

Dec 26, 2017

Part 2: 2017 Tax Cuts & Jobs Act - What You Need to Know

Today we continue our series highlighting some of the provisions in the recent Tax Cuts and Jobs Act.  All provisions are effective 1/1/2018 unless otherwise stated.  As always, if you should have any questions, please feel free to reach out to our office.

Additional Changes for Individuals

 

Dec 22, 2017

Part 1: 2017 Tax Cuts & Jobs Act - What You Need to Know

We hope this finds you getting ready to spend some time with your family and friends this holiday season.  We know that taxes are probably the last thing on your mind during the holidays.  However, with the recent passage of the Tax Cuts and Jobs Act by both the House and Senate, and with expectations that President Trump will sign the bill into law, we wanted to break down the bill and highlight…

Oct 17, 2017

Social Security Benefits to Increase in 2018

The Social Security Administration announced on Friday, October 13, 2017, that the monthly Social Security benefits for more than 66 million Americans will increase 2.0 percent in 2018. The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2018. This is the largest COLA we have seen since 2012.

Some other adjustments…

Oct 03, 2017

Reasons to Review Your Annual Social Security Statement Now

Did you know that determining whether your Social Security earnings record is correct falls squarely on your shoulders—not your current or previous employer(s) or the Social Security Administration? Making sure your information is accurate, and correcting mistakes on your record as soon as possible is critical because your Social Security record is the basis for the computation of your benefit amount…

Sep 26, 2017

Your Finances Need an Emergency Kit Too

When we think of emergency preparedness, flashlights, bottled water, and first aid kits immediately come to mind. While having a physical emergency supply kit on hand is an important first step when disaster hits, being prepared financially is just as critical for reducing stress and taking action when the unexpected occurs. Start by gathering important financial information and copies of documents,…