Sound far fetched? If you’re smart about your finances, there will only be one question you ever ask Alexa about accounting: “How many accountants does it take to change a light bulb?” The answer will most likely be: “One to change it, and one to make sure it came in under budget!” Both our personal
Will Tax Reform Affect Your Alimony? You Bet!
Will Tax Reform Affect Your Alimony? You Bet! If you are wondering whether or not your alimony payments are still deductible, the short answer is YES, for now. But under a provision in the Tax Cuts and Jobs Act (TCJA), the deduction is repealed for agreements executed after 2018. Unlike most other TCJA tax changes
IRS Amnesty Program for Hidden Foreign Accounts Ends September 2018
IRS Amnesty Program for Hidden Foreign Accounts Ends September 2018 If you have hidden foreign bank accounts, you have until September 28, 2018, to disclose them and come into compliance with the tax law, to avoid prosecution. The IRS is finally ending its “amnesty” program from 2009, and if you are found guilty of trying
The IRS “Dirty Dozen” Details The Most Devilish Tax Scams Out There
The IRS “Dirty Dozen” Details The Most Devilish Tax Scams Out There. Warn Your Family, Friends, And Business Associates Not To Fall For Fraud! Every year the IRS compiles its list of “Dirty Dozen,” which lists the common scams that taxpayers may encounter anytime but become most popular during “tax season.” Some tricks made their
Keeping Your Yacht Afloat Turning a Hobby into a Profit
Having a yacht can be a great way to unwind while entertaining friends, family and clients, but turning a part time passion into a full time business can have unintended consequences and impact your tax bill. Here’s what you need to know so you won’t be drowning in tax liability. The IRS Disinguishes Between Passive
Withholdings Tax
IRS issues updated 2018 withholding tables In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables that indicate how much employers
Are You Leaving Tax Money On The Table?
Are You Leaving Tax Money On The Table? According to the IRS the five most popular tax deductions are: State and local taxes Gifts to charity Home-mortgage interest Tax-preparation fees Medical and dental expenses But what might be the most overlooked or forgotten deductions and less well known tax credits that could make a difference
Tax Credits just for Small Businesses may Reduce your Tax Bill
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
