Year-round tax planning includes reviewing eligibility for credits and deductions

By |2019-07-29T10:10:56-04:00July 29th, 2019|Affordable Care / ObamaCare, Earned Income Tax Credit, Energy Efficeincy, Individual Income Tax, Students and Education, Tax Cuts & Jobs Act, Vehicle Tax Credits|

Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year. This tip is one in a series about tax planning. These tips focus on [...]

Comments Off on Year-round tax planning includes reviewing eligibility for credits and deductions

Section 199A Flowchart Example

By |2020-01-04T22:36:51-05:00January 4th, 2019|Individual Income Tax, Tax Cuts & Jobs Act|

Beginning 2018, eligible taxpayers may be entitled to up to a 20 percent deduction from Qualified Business Income, thus lowering their taxable income and federal tax due. This law was passed to help some small business entities receive a similar tax break as the “C” Corporations are receiving.  Below is [...]

Comments Off on Section 199A Flowchart Example

Summary of H.R.1 – Tax Cuts & Job Act

By |2019-12-11T11:24:15-05:00December 11th, 2018|Tax Cuts & Jobs Act|

Below is a brief list of changes to the tax law that may or may not impact you. This list is not complete. Some tax changes are permanent, some are not, and many have exceptions. Your specific situation must be reviewed. We recommend every taxpayer invest in our tax planning [...]

Comments Off on Summary of H.R.1 – Tax Cuts & Job Act

Recent changes to moving, mileage and travel expenses

By |2018-06-12T01:38:02-04:00June 12th, 2018|Individual Income Tax, News Articles, Tax Cuts & Jobs Act|

source: IRS.govThe Tax Cuts and Jobs Act includes changes to moving, mileage and travel expenses: Move-related vehicle expense The new law suspends the deduction for tax years beginning after Dec. 31, 2017, through Jan. 1, 2026. During the suspension, no deduction is allowed for use of an auto as part [...]

Are you withholding the correct amount on your W-2 for 2018?

By |2018-04-13T12:11:20-04:00April 13th, 2018|Employees, Employees & Independent Contractors, Employers, Individual Income Tax, Payroll, Tax Cuts & Jobs Act, Tax Payments|

source: IRS.govNewly-revised estimated tax form and publication can help people pay the right amount IR-2018-93, April 13, 2018 WASHINGTON – With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes [...]