The recent tax code changes will go into full effect this coming tax season. While there is likely to be some confusion, income tax preparation may actually be easier for millions of individuals. The IRS estimates that the average time to complete an individual tax return will decrease by four to seven percent this year.
The Tax Cuts and Jobs Act Streamlines Income Tax Preparation
Posted by thallissey on Oct 17, 2018 10:00:00 AM
Topics: Tax Deductions, Tax Returns, IRS
Last month, New York and three other states filed a federal lawsuit to prevent a reduction in the State and Local Tax (SALT) deduction, which was included in last year’s tax reform package. The new SALT cap, which is part of the 2017 tax reform law, could cost Long Island homeowners thousands of dollars at tax time.
Topics: Tax Laws, Tax Planning, Tax Deductions, IRS
Tax Reform could cause your Property Tax Bill to Spike
Posted by thallissey on Apr 18, 2018 10:00:00 AM
The recent Federal tax reform package could significantly cut into your tax refund next year. The Tax Cuts and Jobs Act greatly reduces the amount of property tax a homeowner is eligible to deduct in 2018.
Topics: Tax Laws, Tax Deductions, IRS
Why you should Check your Income Tax Withholding Today
Posted by thallissey on Mar 7, 2018 10:00:00 AM
Although the recent Federal tax overhaul probably padded your paycheck a little, your old tax withholding form could cause you to receive a financial surprise when you submit your 2018 tax return.
“Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter.
Topics: Tax Planning, Tax Returns, IRS
A sole proprietorship is the simplest type of company to start and operate. It is an unincorporated business owned by one individual in which there is no legal separation between the company and the owner. Sole proprietorships are also known by the IRS as “pass-through” entities, which means that business revenue passes through the company and are taxed as personal income. Sole proprietorship taxes are relatively simple to calculate, but there are several important things you need to know before you file.
Topics: Tax Planning, Tax Deductions, Tax Returns, IRS
5 Changes that Affect your 2018 Federal Income Tax Return
Posted by thallissey on Jan 9, 2018 10:00:00 AM
There were several important updates to the tax code in 2017, which could affect your Federal income tax return preparation. From tax bracket adjustments to higher available standard deductions, these new laws could mean a larger tax refund check in 2018.
Topics: Tax Laws, Tax Returns, IRS
IRS Holding over $1 Billion in Unclaimed Income Tax Refunds
Posted by thallissey on Jun 9, 2017 10:00:00 AM
If you haven’t claimed an old income tax refund check in the past few years, you might be in luck. The IRS may still be holding on to your money. Anyone is eligible to claim a tax refund up to three years after the filing date.
Topics: Tax Laws, Tax Returns, IRS
5 Small Business Tax Credits that Add up to Big Savings
Posted by thallissey on Apr 19, 2017 10:00:00 AM
Tax preparation is a complex process for small business owners. As a result, many first-time filers or even some experienced executives miss out on big tax credits. Before you file your tax return or plan a big business expense, learn more about how these tax breaks could help your company financially.
Topics: Business Accounting, IRS
How to Get More Personal Tax Preparation Done in Less Time
Posted by thallissey on Apr 5, 2017 10:00:00 AM
Since the tax deadline clock is ticking, it’s time to get to get down to business. Even if you haven’t done any tax preparation yet, it’s still not too late. Our five tips will help you get everything done by April 18.
Topics: Tax Planning, Tax Returns, IRS
Tax Questions: Who you can and can't Claim as a Dependent
Posted by thallissey on Mar 21, 2017 10:00:00 AM
While it may seem simple, there are many rules to who you can and can’t claim as a dependent. Since each qualified dependent can reduce your taxable income by more than $4,000, it’s worth examining to see if you qualify. These answers to typical tax questions about dependents will tell you everything you need to know.
Topics: Tax Laws, Financial Planning, IRS