With the new tax laws claiming to be easier to prepare tax returns, do you think you are ready to prepare your own return? If you answered yes, do you know where to start and which software you will need? If you want to file using one of the various free software’s available but not sure where [...]
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A client recently commented that she was irritated by her employer changing the employer sponsored health insurance plan. Before the change her annual deductible was $500.00 and now it was increasing to $2,400. She was concerned due to the amount she owed the hospital for a recent surgery. I asked if she had a Health Savings [...]
THE IRS IS NOT ALWAYS RIGHT by Kimberly Wenzel, EA Everyone knows that the IRS sends out letters to taxpayers every year indicating that something was wrong with the tax return that was filed. The most common is the CP2000 letter. These letters normally infer that there is a large tax balance due because of errors [...]
2019 Standard Mileage Rate by Michael M. Sargent The optional standard mileage rates for business use of a vehicle will increase significantly in 2019 per the IRS announcement of Dec 14, 2018. For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 [...]
By: Debra Rogers, Tax Management & Financial Horizons Staff Several years ago, as I was entering W-2 data for a tax return of a single person, I noticed the withholding just didn’t look right. I didn’t say anything right away as I wanted to see how things would play out after entering deductions and credits. However, [...]
Charities are expected to receive fewer donations this year as a result of the new tax laws that, among other things, eliminated or sharply reduced the tax benefits of charitable giving for many Americans. Since the standard deduction claimed by individuals or couples has nearly doubled, fewer people will itemize their deductions and you must itemize [...]
Some of the changes in the tax reform law mean your small businesses can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. This means a new computer purchased in December can be expensed on the 2018 [...]