The IRS unveiled a draft of the new 2018 Form 1040 over the summer which consolidates Form 1040, 1040A, and 1040EZ into one supposedly simpler postcard-sized form. The only problem is there are now 2 pages of the postcard 1040 and six new schedules. Here’s a link
Read more →If there ever was a year for tax planning, now is the time! Some people and businesses will be in for a big surprise this year because of all of the changes in the tax law for the 2018 year. Many people will be underwithheld on their
Read more →QBI, 199A, SSTB—these are just a few of the new acronyms being tossed around as part of the recent business tax reform changes (like we don’t already have enough of them to remember!). Out of all the terminology, “SSTB” (Specified Service Trade or Business) seems to be
Read more →There is a brand new 20% small business deduction that everyone is talking about. In the tax and legal professions, it’s fondly know at Section 199A. Here are some facts about this deduction: The Basics All pass-thru entities, such as Sole Proprietors, S-corporations and Partnerships that qualify
Read more →With the largest tax law update in over 30 years, navigating the course with the new laws can be confusing. Businesses need to be aware of these changes and consult with their tax professional to get advice so they can be knowledgeable of their options and plan
Read more →In this article, we’ll share some of the highlights of the tax changes for 2018 as they relate to individuals. Use this as a type of checklist, and feel free to contact us on any point so we can provide additional details as to how it might
Read more →Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific situation.
Read more →The 2017 Tax Cuts and Jobs Act revised some foundational deductions, exemptions, and tax brackets for the 2018 tax year. Here’s a rundown of what’s changed in that area for individuals: Exemption On your 2017 1040 tax return, you likely received an exemption of $4,050 per person.
Read more →Has your friend, neighbor or colleague told you that if you take the home office deduction, it will be a “red flag” to the IRS that will trigger an audit? Well, that is just not true! 2017 is the last tax year that you can take a
Read more →Do you know how long you are supposed to keep documents? Do you know when it’s safe to shred? Having this knowledge is the first step to good recordkeeping. By following these guidelines, you can keep your documents and files organized and updated. Avoid keeping things you
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