Taxes
New 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 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 MoreAre you paying less taxes this year?
Are you paying less taxes this year? I’ve found the current IRS tax code has literally dozens of great tax deductions that only self-employed taxpayers can take. These various tax deductions can really add up to savings for you. i know what deductions you are entitled to and how to apply them to your particular…
Read MoreFBAR penalty could reach 150% of the account balance
The U. S. Dept. of Justice just announced a Florida district court jury found a U. S. Citizen failed to file required Reports of Foreign Bank and Financial Accounts (FBARS) on accounts worth $10,000 or more ruled a mere penalty of 150% of the bank account balance. No fooling, our Federal Government is out to…
Read MoreWelcome back and it starts all over again!
[title size=”1″]Taxes[/title] Taxes. April 15th is past but I’ve noticed many errors on W-2, 1099-R and 1099-MISC forms received by taxpayers. In addition many brokerage statements were amended resulting in returns being corrected or delayed. The 2013 tax year had numerous tax law changes and the resulting tax documents did reflect confusion. Many individuals did…
Read MoreTax tips for taxpayers who travel for charity work
You may lower your taxes while doing charity work if you itemize your deductions. a. You must volunteer for a qualified organization. Ask about its tax exempt status. b. You can’t deduct for your time or services but you may be able to deduct unreimbursed travel. Mileage is at 14 cents per mile. c. …
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