G.I. Tax Blog

Businesses can immediately expense more

Businesses may elect to expense all or part of the cost of what is often referred to as Section 179 property and deduct it in the year they place the property in service. The maximum deduction is increased to $1,000,000, and the phase-out threshold is increased to $2,500,000. These amounts, adjusted annually for inflation, apply to property placed in service in tax-year 2019. Full Story

Things happen, circumstances change, and often, people find themselves unable to pay their taxes. If you find yourself in a similar position, it is important that you understand the gravity of the situation. Continued refusal to pay your taxes could lead the IRS to take it forcibly: by garnishing your wages or putting a lien on your assets. 

First Quarter

January 10
Employees who work for tips. If you received $20 or more in tips during December, report them to your employer.

January 15
Individuals. Make a payment of your estimated tax for 2018. This is the final installment date for 2018 estimated tax payments.

January 31
Individuals who must make estimated tax payments. If you didn't pay your last installment of estimated tax by January 15, you may choose (but aren't required) to file your income tax return for 2018 by January 31.