Tax Credits just for Small Businesses may Reduce your Tax Bill Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks
Tax Calendar 2018
2018 tax calendar To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Please review the calendar and let us know if
Personal exemptions and standard deductions and tax credits, oh my!
Personal exemptions and standard deductions and tax credits, oh my! Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing
Tax Cuts and Jobs Act offers favorable tax breaks for businesses
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room
IRS Tax Relief for Hurricane Irma Victims
The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. Hurricane Irma victims in parts of Florida and elsewhere will now have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments, according
3 midyear tax planning strategies for individuals
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers
A refresher on the ACA’s tax penalty on individuals without health insurance
A refresher on the ACA’s tax penalty on individuals without health insurance Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health
Save or shred? Tax Records Retention Guidelines
Save or shred? Retention guidelines help determine whether to keep or destroy tax records You may have breathed a sigh of relief now that the April 18 deadline to file your taxes (or request an extension) has come and gone. However, if your office is strewn with reams of paper consisting of years’ worth of
Key deadlines for remainder of 2017
Look beyond April 18 to the tax-related deadlines you face for the rest of 2017. While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t
Fair Debt Collection Practices Act
Did you know that you have certain rights under the Fair Debt Collection Practices Act? Many have never encountered a debt collector. Some may be fearful or reluctant to take a debt collector’s call or read letters about credit card debts they owe. Experts say consumers should face the facts and deal with debt collectors,
