While some may say that tax season in and of itself should be classified as a “federally declared disaster,” the phrase holds more weight this upcoming year as thousands of families have been devastated by the California wildfires and East Coast hurricanes. Beginning in 2018, the personal casualty and theft loss deduction is limited to […]
This time of year and into April, we begin to hear a different vocabulary come to life: “Credit.” “Exemption.” “Adjusted Gross Income.” It can seem as if your accountant speaks a different language from you. While we’ll do our best to explain the tax terms we use during your appointment, we’ve compiled a list of […]
Are you one of the thousands of people who are working gig-type jobs for Uber, Lyft, DoorDash, Grubhub, or companies like them? Whether you’re full time or just moonlighting a few hours a week, the paperwork for this part of your taxes will be a little different. Here’s what to expect. What Documents Will You […]
Collecting sales tax is one of those things that most businesses need to do on a regular basis. It’s also a chore that is somewhat done by machines and administrative personnel. If the rules change and the procedures go out of date, business owners who are not watching for these changes could be taking risks […]
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 to the draft 1040 form for 2018 and […]
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 federal and state taxes, meaning they will owe […]
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 the vaguest and most misunderstood. If you have […]
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 may be able to take the 20% small […]
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 ahead! For All Businesses Here are some highlights […]
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 impact your situation. Tax Bracket Reorganization There will […]