STX LLC

Tax Tips to Keep in Mind When Selling a Home If you sell a home, you may qualify to exclude from your income all or part of any gain from the sale. Below are some things you should keep in mind when selling a home: Ownership and use. To claim the exclusion, you must meet the ownership and use tests. During a five-year period ending on the date of the sale, you must have:... Owned the home for at least two years. Lived in the home as your main home for at least two years. Gain. Those who sell their main home and have a gain from the sale may usually be able to exclude up to $250,000 from their income or $500,000 on a joint return. Homeowners who can exclude all of the gain do not need to report the sale on their tax return. Loss. You experience a loss when your main home sells for less than what you paid for it. This loss is not deductible. Reported sale. Those who cannot exclude the gain from their income must report the sale of their home on a tax return. Those who choose not to claim the exclusion must report the gain on a tax return. Those who receive a Form 1099-S, Proceeds from Real Estate Transactions, as part of the real estate transaction must also report the sale on their tax return. Mortgage debt. Some must report forgiven or canceled debt as income on their tax return. This generally includes people who went through a mortgage workout, foreclosure, or other process in which a lender forgave or canceled mortgage debt on their home. Those who had a written agreement for the forgiveness of the debt in place before January 1, 2017, might be able to exclude the forgiven amount from income. Possible exceptions. There are exceptions to these rules for persons with a disability, certain members of the military, intelligence community and Peace Corps workers, among others. Multiple homes. Those who own more than one home can only exclude the gain on the sale of their main home. They must pay taxes on the gain from selling any other home.

UPCOMING TAX DEADLINES July 31 Deposit FUTA owed through June if more than $500. July 31 File Form 941 for the second quarter.... July 31 2018 California Quarterly Sales Tax Filing for Q2 (April-June)

Hi all. It’s me again! I’m so hoping you can all make it! Just think, your $25 ticket gets you a delicious dinner, great music, a raffle full of amazing items,... a silent auction that has some awesome deals AND a cancer patient will receive a $25 fuel card!!! Pretty cool huh! Please feel free to share this on your personal page or any group page’s in Northern California. You never know, you may have some friends that want to come have a great time with you! Let me know if you have any questions! See more

Tax Cuts and Jobs Act: Do You Itemize? People who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Those who itemize should use the IRS Withholding Calculator to make sure their employers are withholding the appropriate amount of tax from their paychecks for their financial situation. Due to the significant changes to itemized deductions, your tax bill could be greatly impacted. The law changes are effective in 2018 and affect the tax returns fi...led for 2019. The new law makes a number of major changes, including: Limiting the deductions for state and local taxes Limiting the deduction for home mortgage interest in certain cases Excluding deductions for employee business expenses, tax preparation fees and investment expenses, including investment management fees, safe deposit box fees and investment expenses from pass-through entities The Tax Cuts and Jobs Act nearly doubled standard deductions and changed several itemized deductions. Some individuals who formerly itemized may now find it more beneficial to take the standard deduction, and this could affect how much a you need to have your employer withhold from your pay. Also, even those who continue to itemize deductions should check their withholding because of changes made by the new tax law. Waiting to make necessary adjustments means there are fewer pay periods to make the tax changes which could have a bigger impact on each paycheck. Having too little tax withheld could result in an unexpected tax bill or penalty at tax time in 2019. Adjusting withholding after a paycheck checkup can also prevent employees from having too much tax withheld. With the average refund topping $2,800, some might prefer to have less tax withheld up front and receive more in their paychecks.

LAW CHANGE AFFECTS MILEAGE Standard mileage rates for 2018 The standard mileage rates for the use of a car, van, pickup or panel truck for 2018 remain:... 54.5 cents for every mile of business travel driven, a 1 cent increase from 2017. 18 cents per mile driven for medical purposes, a 1 cent increase from 2017. 14 cents per mile driven in service of charitable organizations, which is set by statute and remains unchanged. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical purposes is based on the variable costs. You always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. You may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.