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 [...]
The IRS continues to release recommendations and regulations for CPAs to establish secure, practical data governance with online tools. If it’s good enough for the IRS, it’s likely good enough for you. What are the real security risks associated with cloud software, and how can you mitigate them? It’s understandable to be hesitant about putting your [...]
In today’s world of virtual offices and multitasking may taxpayers use their care for business, charitable or medical transportation events. If the taxpayer decides to claim a deduction for such mileage are they inviting an IRS audit and possible, audit adjustment. The IRS has specific rules in place as to what types of driving are eligible [...]
Many taxpayers are unaware that the Trump administration has taken the first steps to put its imprint on the Affordable Care Act, reversing plans to withhold tax refunds this year from Americans who do not follow an insurance requirement in the law. Quietly the Internal Revenue Service has revoked an Obama-era instruction to taxpayers that was [...]
Tax Management & Financial Horizons offers a new concept in time saving for the preparation of your 2016 income taxes. This service is for the busy tax payers that don’t have time to make an appointment to visit a tax preparer nor do they want to share their sensitive information using unsecure e-mail. First, we need [...]
Every year creates a new tax filing season filled with changes. This tax season, don't be left in the dark. Check out the video below for some of 2016's biggest changes in tax filing. And when you're finally ready to file, call us for an appointment at 262-923-8100.