Category Archives: Individuals


Itemized Deduction Changes: SALT

03

Dec 2018

Itemized Deduction Changes: SALT

One of the most lucrative deductions for many years has been the deduction for state and local taxes (SALT). This is especially true if you live in California, New York, or New Jersey, all of which have high taxes and high property values. Previously, the SALT deduction allowed a nonlimited deduction for state and local property taxes and either state and local income taxes or…

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Alimony and The Tax Cuts and Jobs Act

07

Nov 2018

Alimony and The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) has many facets affecting all kinds of tax law. One of the changes that doesn’t get the spotlight all that much, but is just as important, is alimony. For those in the process of finalizing their divorce, the new tax rules may compel you to either close it out before 2019 or wait to sign on the dotted…

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Net Operating Losses And The TCJA

26

Oct 2018

Net Operating Losses And The TCJA

Whether you are a company that’s just starting out or are within an industry subject to seasonal long-term trends, having a net operating loss (NOL) in one year and net income in another is not uncommon. But shouldn’t businesses with steady income year to year have similar tax consequences as businesses with big highs and lows? Fortunately, the IRS agrees and allows you to apply…

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Charitable Donation Options After Tax Reform

20

Sep 2018

Charitable Donation Options After Tax Reform

Francis Bacon once said, “With charity there is no excess” – a powerful statement that the IRS would amend to add, “but with limitations.” When it comes to charitable donations, you are allowed to deduct 50% of your charitable donations only as an itemized deduction. However, with the recent implementation of the Tax Cuts and Jobs Act, it is estimated that a large number of…

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Qualified tuition programs

03

Aug 2018

Qualified tuition programs

It’s extremely worrisome to think about how Americans owe approximately $1.5 trillion in student loan debt and how that number isn’t going to stop climbing anytime soon. How can we expect our children to be excited for college when they know they’ll be in debt afterward? What steps can we do to better financially prepare our children for college? Continue reading to learn more about…

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So Your Dependents Have Income… What Do You Do?

12

Apr 2018

So Your Dependents Have Income… What Do You Do?

An important part of filing taxes is claiming dependents. Most dependents are younger children, but what about older dependents who may be in college and/or have a job? What dependent deductions can you claim on your return? These issues confuse many people around tax season. The IRS requires that certain criteria be met for a taxpayer to claim a dependent, so it’s important to avoid…

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Individual Tax Penalties And What You Can Do About Them

02

Feb 2018

Individual Tax Penalties And What You Can Do About Them

Tax season is finally here! Obviously, the goal is to avoid any and all tax penalties. But if you find yourself in a position where you can’t pay the entire amount you owe, here is what you need to know: Deadlines One of the most important deadlines to mark on your calendar is your individual tax return deadline. 2017 Tax due date: April 17, 2018*


Tax Prep as Little as $45 for New(ish) Tax Filers!

22

Jan 2018

Tax Prep as Little as $45 for New(ish) Tax Filers!

Filing personal taxes isn’t everyone’s forte (especially if you’ve never done them before), but that’s why we’re here! If this is your first or second time filing taxes, we will do them for as low as $45. Current students can take advantage of this offer as well. To schedule an appointment today, call our office at (619) 358-9799 or email Alison at alison@paragonaccountants.com. We look…

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How Does The “Tax Cuts and Jobs Act” Affect You?

04

Jan 2018

How Does The “Tax Cuts and Jobs Act” Affect You?

What does this new change in the American Tax Code mean to me? Out from all the ruckus has come out a solidified tax reform plan that goes into effect for tax year 2018. With the bill passed by both the Senate and the House, President Trump signed the “Tax Cuts and Jobs Act” into law on December 22. But do not be mistaken, this…

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Trump’s Proposed Tax Reform: What Does it Mean to You?

06

Oct 2017

Trump’s Proposed Tax Reform: What Does it Mean to You?

President Trump’s proposed tax plan, which was announced in April and called the “the biggest tax cut” ever by the U.S. National Economic Council Director, would take our country from having one of the highest corporate taxes in the developed world to one of the lowest. Here we lay out some changes focused specifically towards small businesses and individuals. For a full description of the…

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