10 Tax Liabilities You Should Know for 2018

May 4, 2018 by Ed Becker

2017 tax season should be over for most people, but we can always count on tax season coming around soon enough for the 2018 tax year.  Intuit QuickBooks shares 10 things that you could start brushing up on now for next year.

1.       You may be subjected to an alternative minimum tax (AMT), if you are a high earner

2.       Your personal and business tax liabilities may be different

3.       Your tax due payment doesn’t change because you file an extension

4.       Mortgage interests may not be fully deductible

5.       Use operating Income to estimate your tax liability

6.       Know the difference between realized gains and recognized gains

7.       Plan ahead and consult with your financial professional for your retirement plan withdrawals as these have complicated tax implications

8.       Understand the difference between tax credits and tax deductions

9.       Many tax laws have an expiration date

10.   Marginal Tax Rates Apply To The Next Taxable Dollar in The Next Tax Bracket

It is never too early to stay on top of your taxes.  Review your latest tax return and ask your tax professional questions to prepare for next year.  If you stay on top of matters throughout the year, you will be more prepared when the inevitable tax season rolls around again.

For more detailed information:  10 Things Your Accountant Wished You Knew About Tax Liability

Image Credit:  Deposit Photos