Category: Taxes

Here’s why your 2018 tax bill may be different

Written by October 25, 2018

Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year: Removal of the personal exemption. While the rates are lower, the personal exemption has gone away. Capping of the state and local tax deduction...

Read More...

Tags:

Category:

Considering divorce? Think about your tax filing status

Written by May 14, 2018

The advantage of filing a joint tax return is well known — couples generally save money when compared with filing separately. However, there is at least one potential disadvantage. Both spouses are liable for the entire income tax bill, including interest and penalties, even if one earned most or all of the income. The joint-filing downfall This issue most commonly...

Read More...

Tags:

Category:

Midyear tax planning is critical this year

Written by April 24, 2018

Midyear tax planning is critical this year With big tax changes scheduled to take effect in this year, every business should make time for a midyear tax review. Here are five tax-cutting ideas to consider as part of your review. 1. Hire your kids. If your child is under age 18 and works for your unincorporated business, there are no social...

Read More...

Tags:

Category:

What to do when you need more time to pay.

Written by April 16, 2018

All taxpayers should file on time, even if they cannot pay what is owed. This saves them from a potential failure to file penalty which can become significant over time, up to 60%! This plus the failure to pay penalty and the numbers can really add up.  Filing an extension is only an extension to file the form, not pay...

Read More...

Tags:

Category:

How to make the most of your tax refund

Written by April 9, 2018

Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. Financial planning means creating effective strategies that work for you.  The more...

Read More...

Tags:

Category:

Incorporate or not: What’s best for your business?

Written by April 6, 2018

If you’re a business owner, one of the first questions to ask yourself is whether or not you should incorporate. The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk,...

Read More...

Tags:

Category:

Extensions available for 2017 tax returns

Written by April 3, 2018

If you aren’t able to finish your federal income tax return by the April 17 deadline, you can still get an automatic six-month extension. Even if you file for an extension, you are required to pay any taxes you owe by this filing deadline. An extension gives you more time to file your tax return, but not more time to...

Read More...

Tags:

Category:

A new twist on scams this tax season

Written by March 1, 2018

The IRS urges taxpayers to beware of fake calls to return money from tax return refund checks that have been deposited in error into bank accounts. Scammers either pretend to be collection agency employees or use a recorded message threatening people to return the refund. These scammers have already filed fraudulent tax returns and used the taxpayers’ real bank accounts...

Read More...

Tags:

Category:

New budget bill contains retroactive tax provisions.

Written by February 24, 2018

The Bipartisan Budget act of 2018 was recently signed in to law by President Trump on February 9, 2018. The bill is the third in a group that increased spending caps previously imposed by prior budget acts. The bill contains several provisions including several provisions that impact taxpayers for the 2017 filing season. for example, the bill restores above the...

Read More...

Tags:

Category:

Not for Profit Organizations must file with the IRS

Written by February 20, 2018

Not for profit organizations are under more pressure than ever from the IRS to file their year end tax returns, or else face the possibility of losing their tax exempt status. While there is a minimum threshold which requires an organization to file, many organizations do not know that they must file a statement with the IRS even when they...

Read More...

Tags:

Category: