by | Nov 15, 2018 | Income Taxes
Our clients have been peppering me all year with questions about the new tax law that was passed in December 2017. Here are some of the most common ones I have received. Is the ObamaCare penalty for not having health insurance gone? Yes, but not until...
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...