When filing your taxes, it’s important to take advantage of every deduction and credit you may qualify for. This is the best way to reduce the amount you owe in taxes, and possibly maximize your tax refund. But if you’re offered the choice between a...
Earlier this week, the IRS posted a notice stating that they would be waiving many estimated tax penalties this year. The Tax Cuts and Jobs Act—which applies many changes to your taxes this year—caused many individuals to have less withheld from their paychecks, which may...
This tax season is going to be an interesting one. Not only is this the year that many tax reform laws go into effect, but it’s also beginning with an indefinite government shutdown. This can make filing your return this year a daunting and somewhat...
As most people know, the federal government is currently under a partial shutdown due to a stalemate between President Trump and Congress over a federal spending deal. But now that tax season is underway, you may be wondering how this shutdown will impact your tax...
ABLE accounts are specialty savings accounts for individuals with disabilities and their family members. These accounts were introduced in 2014, as a result of the ABLE Act, and are designed to help individuals with disabilities and their families establish a savings to help with the...
Whether it’s a natural disaster like a hurricane or flood, or a localized disaster like a house fire or burst pipe, these kinds of events can have an enormous impact on your home and your life. You’re left with an endless list of things to...
The IRS recently announced that the Security Summit—a partnership of the IRS, states, and members of the tax industry—are launching a special initiative known as National Tax Security Awareness Week. This campaign, which will be held from December 3rd through the 7th, is aimed at...
Business owners know that financial planning is a vital part of running any company. Financial decisions should never be made without careful thought and consideration. And yet, far too many business owners completely neglect the importance of tax planning. Professional tax planning should be a...
Deductions are an important factor when filing your tax return, and can significantly alter the amount you owe; in some cases, deductions can even offer you a refund, when you might otherwise have been making a payment to the IRS! This year is the first...
If you are an owner or partner in a business, filing your tax return is significantly more complex than it is for individuals filing only a personal return with W-2 earnings. There are numerous additional laws, deductions, and considerations that you must keep in mind...
