With the arrival of 1099s and W-2s from your employer, banks and others, it’s time to get down to the business of filing your income tax return. While technology is a great way to file your taxes, mistakes still happen. The top nine tax mistakes that cost you money...
So you look through your mail and find a letter from the Internal Revenue Service. When you open it, you find a bill for a six figure sum in back taxes, penalties and interest. What do you do now? Step One When you receive an unwanted letter from the IRS, try not to...
Prior to the recent tax law changes, taxpayers were allowed to deduct qualifying mortgage interest on loans up to $1 million, plus the interest on an additional $100,000 in home equity debt. The new tax law clearly limits the mortgage interest deduction to $750,000...
The child credit has long been a fan favorite of taxpayers for years. Now that the Tax Cuts and Jobs Act passed, it comes with added benefits — at least for a while. The following are key details that every family should know: Amount and Limitations For the 2017 tax...
Over the years, the idea of only larger companies providing employee meals has drastically changed. Employers providing meals to employees has become somewhat common for many midsize to large companies. However, a recent tax law...
Many business owners use a calendar year as their company’s tax year. It is a simple method that aligns with most owners’ personal returns. However, for some businesses, choosing a fiscal tax year can make more sense. What’s a fiscal tax year? A fiscal tax year...
Estate planning is never done. Just like a piece of real estate, it needs periodic maintenance and care to make sure it’s in good shape when you need it most. Provisions in the newly passed tax plan mean it’s time to revisit a handful of key areas of your estate plan....
The Tax Cuts and Jobs Act of 2017 significantly changed the landscape for everyone including nonprofit organizations. To help these organizations navigate the key provisions affecting nonprofits, we’ve highlighted three key considerations below: Executive Compensation...
Cryptocurrency is hot right now. As it emerges as an asset class of its own, many people are still confused how to treat it for federal income tax purposes. In response, the IRS issued guidance back in 2014 that treats virtual currencies that are convertible to cash...
The Tax Cuts & Jobs Act significantly changes the landscape for individuals and businesses, both small and large. Many provisions included in the Act take effect January 1, 2018, and will affect virtually all U.S. taxpayers. To help you understand the...