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Get started on 2018 tax planning now!

Get started on 2018 tax planning now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for […]

Tax record retention guidelines for individuals

Tax record retention guidelines for individuals

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard.The 3-year and 6-year rulesAt minimum, keep […]

Individual tax calendar: Important deadlines for the remainder of 2018

Individual tax calendar: Important deadlines for the remainder of 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, […]

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of the IRS. […]

You still have time to make 2017 IRA contributions

You still have time to make 2017 IRA contributions

You still have time to make 2017 IRA contributionsTax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial.Don’t lose the opportunityThe […]

Can you claim your elderly parent as a dependent on your tax return?

Can you claim your elderly parent as a dependent on your tax return?

Can you claim your elderly parent as a dependent on your tax return?Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for […]

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the […]

5 estate planning tips for the sandwich generation

5 estate planning tips for the sandwich generation

5 estate planning tips for the sandwich generationThe “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses […]

What’s your mileage deduction?

What’s your mileage deduction?

What’s your mileage deduction?Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to […]

A joint home purchase can ease estate tax liability

A joint home purchase can ease estate tax liability

A joint home purchase can ease estate tax liabilityIf you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption […]

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Recent Posts

  • 3 big TCJA changes affecting 2018 individual tax returns and beyond
  • Why you shouldn’t wait to file your 2018 income tax return
  • Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit
  • There’s still time to get substantiation for 2018 donations
  • What will your marginal income tax rate be?
  • 2 major tax law changes for individuals in 2019
  • A review of significant TCJA provisions impacting individual taxpayers
  • Act soon to save 2018 taxes on your investments
  • Year-end tax and financial to-do list for individuals
  • Check deductibility before making year-end charitable gifts
  • Does prepaying property taxes make sense anymore?
  • Mutual funds: Handle with care at year end
  • Donate appreciated stock for twice the tax benefits
  • Could “bunching” medical expenses into 2018 save you tax?
  • Consider all the tax consequences before making gifts to loved ones.
  • 529 plans offer two tax-advantaged education funding options
  • Charitable IRA rollovers may be especially beneficial in 2018
  • Tax planning for investments gets more complicated
  • The tax deduction ins and outs of donating artwork to charity
  • Do you need to make an estimated tax payment by September 17?
  • Back-to-school time means a tax break for teachers
  • Keep an eye out for extenders legislation
  • The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
  • Do you still need to worry about the AMT?
  • Why the “kiddie tax” is more dangerous than ever

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