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Lumberton Ledger

 

 

 

Physical Address:

1238 S. Main

Lumberton, Texas 77657

 

Mailing Address:

P.O. Box 8031

Lumberton, Texas 77657

 

Phone: 409-751-5334

 

Email:

editor@lumbertonledger.com

lisa@lumbertonledger.com

 

 

© 2019 by Lumberton Ledger

July 18, 2019

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you're an active member of the armed forces, here's what you should know about these important tax benefits.
1. Moving Expenses. If you are a member of the Armed Forces on active duty and you move because of a p...

June 19, 2019

Can I deduct the cost of meals on days I call on customers or clients away from my office?

Generally not. Usually, you can only deduct costs of meals when you're away from home overnight. Even so, the deduction is allowed only to the extent of 50 percent of the cost of meals and related tips. Also, because business-related entertainment expenses were eliminated under tax reform, starting in 2018, the deduction for meals at ente...

May 15, 2019

As a reminder, individuals with "seriously delinquent tax debts" are subject to a new set of provisions courtesy of the Fixing America's Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018.

The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt and also requires the State Departme...

Austin, TX  -  The Texas House passed the Texas Taxpayer Transparency Act, which provides much needed transparency in the property tax system. Property owners deserve every opportunity to weigh in on how their taxes are being raised & spent. This bill will do just that. 
I am proud to have voted for and co-authored the Texas Taxpayer Transparency Act, which gives homeowners the tools needed to make informed decisions...

Did you know you can buy tax free emergency preparedness supplies from April 27th - 29th, and ensure you are prepared for the next  natural disaster? There is no limit on the number of qualifying items you can purchase, including: portable generators, batteries, ice chests, first aid kits, and more. To find out more information on items that qualify you can visit https://comptroller.texas.gov/taxes/publications/98-1017.php.

Her...

April 24, 2019

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.

In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the "FBAR" as well as Form 8938, also referred to as "FATCA."

FBAR is not a tax form, but is due to the Treasury Depar...

March 20, 2019

All income is taxable unless the law specifically excludes it, but as you might have guessed, there's more to it than that. With that in mind, let's take a closer look at taxable vs. nontaxable income.

Taxable Income

Taxable income includes any money you receive, such as wages and tips, but it can also include non-cash income from property or services. For example, both parties in a barter exchange must include the fair market v...

March 14, 2019

Is Home Equity Loan Interest still Deductible?

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the...

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