Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when next year, you are required to send in a fairly big check to settle your tax bill. Believe it or not, this message is almost as hard to deliver to a taxpayer as it is to hear it. Here are some situations to watch for that can increase your tax liability:
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded:
Luckily, saving money doesn't have to be hard work. In fact, many successful savers have found simple ways to cut spending and increase their savings. Here's how.
At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a simpler way to file, a closer look may tell a different story.
The taxation of alimony for divorces signed after Dec. 31, 2018 will change drastically.
If you're changing employers, the first thing on your mind probably isn't taxes. But the actions you take now can make a big difference next April — and beyond.
The IRS has released the interest rates on tax overpayments and underpayments for the third quarter of 2018.
Despite the obvious benefits, there are a couple of drawbacks to solo 401(k) plans.
July 2018
In this issue:
This Month:
It's the height of summer, and hopefully you've had a chance to enjoy some pleasant weather and Fourth of July fireworks. This issue contains tips on tax breaks for new parents, deciding whether to amend a tax return, strategies for reducing debt, and budgeting for replacing major household items. There's also an article about creating a strong business partnership, and a review of some of the best online productivity and security tools.
Should you wish to review your situation please feel free to call. Also feel free to forward this newsletter to someone who may benefit.
A U.S. Supreme Court ruling last week involving the state of South Dakota vs Wayfair (an online furniture retailer) opens the door for states to impose sales taxes on online retailers located outside their borders.
This will have wide-reaching effects on small businesses and consumers. Here’s what you need to know:
Now that itemized deductions have been suspended through 2025, employees can no longer deduct unreimbursed business expenses.
The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS.
Scammers have come up with a new way to steal personal and financial information from non-resident aliens and international taxpayers.
If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term "contemporaneous." So what does it mean and why should you care?
Can you believe 2018 is already half over? If you haven't thought about your 2018 tax situation yet, it's time to do so.
