Tax Returns On Postcards?
The I.R.S will not be receiving postcard size Form 1040 tax returns this year. The 2018 prototype just didn’t work and had schedules with only one or two lines in postcard sized print on full pages. Besides cutting down more trees, most people didn’t see a cut in paperwork (but an increase). So, expect more…
Read MoreNew withholding calculator
New withholding calculator or Form W-4 to utilize the new tax law: Go to IRS.gov to find the new version of Form W-4 to help you check your 2018 withholding taxes. Please see my analysis on the Tax Cuts and Jobs Act passed the end of December, 2017. You can use this calculator to check…
Read MoreFebruary To Do’s
File FAFSA for 2018 as soon as possible to give application for the 2018 school year. Some school aid is given on a first-come basis Get a free credit report – there are more problems with the Equifax breach, check your credit. Go to annualcreditreport.com Check your property tax assessment, appeals are only in early…
Read MoreSocial Security benefits hacked
Hackers are targeting social security accounts. Especially if you are 62 to age 70, and have not yet applied for benefits your personal information was exposed in the Equifax breach. An email address or banking direct deposit information can be changed with these sophisticated thieves. They could collect benefits before you collect! Solution: Please check…
Read MorePassport Problems
Do you have a “seriously delinquent tax debt” – in the eyes of the IRS this is $50,000 or more? The IRS (IRC Sect. 7345) allows the IRS to notify the State Department of such certification and a lien has been filed. The State Dept. generally will not issue or renew a passport and may…
Read MoreCharitable giving and reducing taxes if you are 70 ½:
Taking part of your RMD and requesting your broker to drawn part of your RMD and directly send to the charity of your choice. This will reduce your AGI (Adjusted Gross Income) and you can give up to $100,000. This may help you qualify for other tax breaks. Please email or call me for a…
Read MoreTax Planning
2016 tax planning is “good news”. It is simple compared to other years with December tax law changes and despite this good news, tax laws remain staggeringly complicated. For 2016, the top federal income tax rate is 39.6% plus higher income individuals could also be hit by a 0.9% and 3.8% taxes. In a short…
Read MoreTax Extenders
Dear Customer: Congress has taken action on the “tax extenders” making them retroactive to the beginning of 2015. These items have been clearly highlighted at the beginning of affected chapters in the tax guide. We have attached a pdf supplement which you may use in any way you wish in the event you feel further…
Read MoreWho wins the fight?
A great frustration when preparing income tax returns happens when your “kids” decide to file their own returns and that interferes with the parent’s income tax returns. Each situation is different, you could employ a child to work in your business and pay less taxes, you could lose exemptions or better yet college tax credits.…
Read MoreStarting a new business?
There are several start-up expenses you can deduct now. Accelerate depreciation deductions, pay your children or deduct an office in your home that will not create a red flag. A meeting with me and you will have at least five tax savings moves directed at your specific situation. I will email or give you tax…
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