McCullough & Associates Blog

Did you contribute to an Individual Retirement Account (IRA) last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some tax tips about saving for retirement using an IRA:

• Age Rules. You must be under age 70½ at the end of the tax year in order to contribute to a traditional IRA. There is no…

Are you expecting a tax refund and would like to be able to track it?

The IRS is offering it's "Where's My Refund" tracking tools again this year.  There are two ways you can track your refund:

• IRS2GO Mobile App (

There’s no question that periods of increased market volatility can be unsettling for investors. However, the decisions you make now—choosing to stay the course or move to the sidelines—can have long-lasting implications. In fact, making emotionally-based decisions in regard to short-term market events is one of the fastest ways to derail your long-term investment strategy.

That’s because…

Do your teenagers earn their own income? We thought this information might answer some questions you may have.  

As parents, we encourage our children to work so they can learn important lessons about money and independence. At what point, if at all, do children need to file an income tax return for the money they earn?

The IRS does not exempt anyone from the requirement to file…

There are many variables that will determine how retirees fare under the new tax laws, including where you live, your retirement income sources, and even your health. That’s because in addition to lowering tax brackets and raising the standard deduction, the Tax Cuts and Jobs Act also capped or eliminated certain key deductions. As a result, retirees who previously itemized their deductions will…

In addition to retaining most of the Schedule C deductions many small businesses rely on for eligible expenses, the Tax Cuts and Jobs Act of 2017 added two new provisions. The first change favors businesses that invest in equipment, allowing full expensing for five years and increasing the Section 179 small-business expensing cap to $1 million from $500,000.

The second is a 20% blanket reduction…

The Tax Cuts and Jobs Act of 2017 ushered in a broad range of changes impacting virtually all American taxpayers. Below are six of the most significant changes individuals and families need to know about as they plan for and manage their income and finances in the months ahead. 

1. New tax brackets – While there are still seven different income tax brackets,…

The IRS made a few cost of living adjustments to the retirement contribution limits for 2018. The 2018 limits are as follows:

• 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan - $18,500 (an increase of $500)
• 401(k) Catch-up - For employees age 50 or older, you can make the an additional $6,000 catch-up contribution, even if you turn 50 on December…

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

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…