2018 Taxes and Money

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns. This is their full conversation, which we're going to be distributing over the next few weeks on Utah's Morning News on KSL Newsradio.  Included in this conversation:  the adjustments you need to make NOW to your W4 withholding to avoid problems in 2019  what standards your home office needs to meet in order to qualify for deductions under the Internal Revenue Service  what the Roth IRA does to help the government increase its short term tax revenue, and what benefits there are for you when it comes to tax-free retirement contributions  what some of the basic standards are for deducting retirement contributions on your income tax return whether you really need to consider hiring a professional to prepare your taxes  changes in tax code you need to know where the controversial health care mandate stands now that Congress has made changes to the Affordable Care Act, or Obamacare 2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants. 

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In part one of our series, Shane Stewart says before you worry about filing your income tax return this year, you should make any necessary adjustments to your federal withholding through a form W4. That way you won't be caught off guard a year from now when it's time to file returns again.  2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants. 

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In this installment, Susan Spears points out that not every home office can be written off as a business tax deduction. So what home offices are tax deductible? Susan walks us through the important standards you must meet in order to be a qualified office space when it comes to deducting your work from home on your income taxes. 2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants. 

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In part three of our series, Shane and Susan break down the Roth IRA. Created in the 1990s as a way for the government to increase its short-term tax revenue, it allows certain retirement contributions to grow tax-free. Is it a good option for your money?  2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants. 

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In part four of our series, Certified Financial Planner Shane Stewart talks about retirement contributions and some of the basic standards for deducting them on your income tax return. Is retirement planning tax deductible?  2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants. 

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In part five of our series, Shane and Susan talk about the changes to the Affordable Care Act that could affect your filing. For example, you still have to be able to prove you were covered under a health insurance plan when you file your federal income taxes this year. However, Congress recently made changes to the Obamacare mandate you'll need to know about for future returns.  2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants.   

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In part six of our series, CPA Susan Speirs talks about the general rules for claiming a child as a dependent.That deduction doesn't necessarily have to end when a child turns 18. Also, there are some changes in other deductions this year because of the recent tax reform passed by Congress. DMBA financial planner Shane Stewart talks about the rules for alimony and child support payments. 2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants.   

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In part seven of our series, Susan Speirs addresses whether you should file an extension or make the deadline. Tax Day, typically April 15, is April 17th this year. That means your tax payment is due on that date, even if you haven't completed your tax return. Some people choose to file extensions, make an estimated payment, and figure it out later. But Susan argues there's no real advantage.  2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants.   

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  In today's segment, DMBA Financial Planner Shane Stewart talks about whether it's better to take more out of your taxes now and get more money back later, or try your best to break even. Sure, the big refund is nice, but Shane's advice is to keep that money in your paycheck every two weeks and pay down more debt over the course of the year instead of waiting for the annual tax return windfall. More to the point: Shane says now is the time to update your W-4, using an online tax calculator to find the right exemption and deduction for your financial situation.  2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants. 

Brian Martin and Amanda Dickson sit down with Susan Speirs, a CPA and board member of the Utah Association of Certified Public Accountants or UACPA, and Shane Stewart, a Certified Financial Planner with Deseret Mutual Benefit Administrators or DMBA, to find out what changes in tax law you need to know in 2018 before you file your 2017 IRS returns.  If you've already finished your 2017 tax returns, congratulations! Now, get ready for some changes for the 2018 tax year, which you'll be worrying about in one year. Utah Association of Certified Financial Planners CEO Susan Speirs says one of the biggest changes many people will notice next year will be the doubling of the standard deduction.   2018 Taxes and Money is powered by UACPA, the Utah Association of Certified Public Accountants.