Archives

11
Jun

Are your tax withholdings accurate?

If your 2018 tax return was a doozy, you may want to consider making some changes to your tax withholdings—after all, changes are in the air at the IRS. One of the most common reasons that many taxpayers had smaller refunds (or unexpectedly owed tax) for 2018 were errors in the IRS’ withholding tables. In …

7
Jun

Changes to Retirement Savings: Understanding new and pending rules to help you maximize your savings

Journalists have been calling 2019 the “year of retirement reform” for a couple of reasons. Congress is currently considering several significant retirement bills. If these bills pass, they may have a positive impact on retirement savings. There are significant changes that have already taken effect in 2019. We’re going to give you a rundown on …

30
May

Summer Jobs and Taxes: 4 things every young worker should know

Summer has arrived! Whether you’re parked at the pool, planning a fabulous vacation, or just staying cool in the AC, it’s a time when life slows down a bit for many of us. If you have children or grandchildren who are getting ready to begin a summer job—or a recent graduate launching his or her …

26
Apr

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 …

13
Mar

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 …

5
Mar

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 …

25
Feb

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 …

18
Feb

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 …

4
Feb

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 …

7
Jan

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 …

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