by | Nov 13, 2018 | Income Taxes, Tax Tip of The Week
First, don’t panic. The majority of audits are done by mail, focusing on one or two items. The letter will ask you to mail in records and other information justifying the item they are questioning. Simply include copies of your documentation and mail...
by | Oct 24, 2018 | Income Taxes
For 2018, the new tax law doubles the credit to $2,000 for each dependent under the age of 17. Up to $1,400 of the credit is refundable for low-income taxpayers. The income level where the credit is phased out is much higher, but is eliminated for...
by | Oct 22, 2018 | Income Taxes
The IRS is warning taxpayers about a new phone scam in IRS Internal News Release IR-2018-103, 04/24/18. The scammers are using telephone numbers that show they are calling from the Taxpayer Assistance Centers (TAC) to trick taxpayers into paying non-existent...
by | Jun 16, 2018 | Income Taxes
Once you reach 70 years of age, you are required to take a minimum distribution from your IRA accounts (RMD). Failing to do so will expose you to a 50% penalty on the amount not distributed. You won’t need to pay the fine if: You can show you had a reasonable...
by | Feb 2, 2018 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Small Business Owners
It is always a bit of a challenge with everything going on in your life to keep tax planning in your thoughts throughout the year. The good news is that if you work with an accountant he or she will typically send you newsletters or emails that will help you remember...
by | Jan 31, 2018 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Income Taxes, Small Business Owners
If you go by the SBA (Small Business Association) definition of a small business being under 500 employees there are 28 million businesses in this category. However, if you look at businesses that just employ one person, a sole owner/employee combination, then you...
