Did you extend your tax return for 2018?

Many taxpayers filed extensions this year due to surprises and misunderstandings about the new rules under the Tax Cuts and Jobs Act. If you extended your tax return and didn’t pay an estimate of the tax you owe, be aware that interest and penalties are now accumulating. When you extend your tax return, it’s in …


Tax deadline for S-corps and partnerships: March 15

Tax returns for partnerships and S-corps that pay on a calendar year are due this Friday, March 15th. C-corps have an additional month to complete and file their returns (those are due on the April 15th tax deadline). Are you ready to file? If the answer is no, you need to file an extension, which …


Dependent tax credits aren’t just for children

If you’re a parent, you may remember filing your taxes the year after your first child was born. Did you get excited about claiming a dependent on your tax return for the first time? Guess what: the Tax Cuts and Jobs Act doubled the tax credit to $2,000 for each dependent. Up to $1,400 of …


New IRS guidelines for 2018 business meals and entertainment expenses

With the Tax Cuts and Jobs Act, which affects your 2018 tax return, there are some significant changes to the way businesses can handle deductions for meals and entertainment expenses. Many business owners weren’t aware of these changes last year, which could mean a little extra work preparing for your tax return. Here’s a rundown …


Your tax refund under the Tax Cuts and Jobs Act

You’ve heard all the hype about the new tax law. Perhaps your paychecks were a bit bigger in 2018. But lots of people have one question on their minds right now. Am I going to get a huge tax refund this year? Maybe. But maybe not. First, let’s look at what all the fuss is …


Will I owe tax when I trade in my business vehicle?

Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers could exchange like-kind business property (such as trading in a business vehicle) and defer any gain until the property was ultimately sold. Property that was eligible for this tax-free exchange included both real and personal property. If you traded in a business vehicle in 2017 …


3 helpful links for tax planning in 2019

There are some significant tax changes in 2019 that will affect the tax return you file in 2020. Now is the time to make a plan that allows you to take advantage of these changes. Below is easy access to three links we recommend you read as you plan for the new year. 1. Retirement …


How can I reduce my tax liability before the end of the year?

If you have completed a tax projection that shows tax due, now is the time to look at ways you can reduce or defer your tax burden before the end of the year. Where should I invest to reduce my personal tax liability? Individual taxpayers can take advantage of various tax planning strategies. Here are …


Do I need a tax projection?

As this year is coming to a close, many of us are already thinking forward to tax time. Now is the time to look at your full financial picture while there is still time to make financial decisions that will impact your tax burden. How do I get started on my tax projection? First, contact …


Tax Planning and The Tax Cuts and Jobs Act

Tax Planning and The Tax Cuts and Jobs Act The tax year 2018 is quickly ending. The Tax Cuts and Jobs Act (TCJA) makes tax planning more challenging this year, but certainly not impossible. Over the following weeks, we will be discussing various aspects of the TCJA, which must be considered to maximize the tax …