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The end of 2019 is quickly approaching. While most people are consumed with Christmas shopping and end of year holiday festivities, this is also the time of year that many of us start thinking about ways to minimize our tax liabilities. What many people fail to realize is that with the right planning, knowledge of
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There were significant changes to the US taxation system beginning in 2018. Besides the Tax Cuts and Jobs Act, there were also notable changes to deductions and credits. It Is likely that you had to do a fair amount of planning when filing 2018 taxes. Fortunately, there are not a lot of changes that apply
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Tax regulations and laws see significant changes every few years and even small ones on a year to year basis. It’s no wonder that doing taxes can be an overly complicated process. The most frustrating part about doing taxes is that even the smallest mistake could mean paying thousands of dollars more. Conversely, not understanding
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The most significant changes to the 2018 Tax regulations apply to Corporations and to the treatment and taxation of pass-through income. C Corps, S Corps and LLCs are all impacted. Under the Tax Cuts and Jobs Act, C-corps are taxed at a flat rate of 21%—a cut from the previous range of 15%-35%. The new Section
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At first glance the 2018 tax regulations seem very similar to previous years; maybe a slightly lower rate here and there. So, will this really make a big difference to me? See the tax table comparison for a detailed summary of the new tax regulations. As you can see, the tax regulations have changed significantly
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There has been a good deal of discussion recently about tax reform in 2018 and rightfully so. Whether you are a homeowner, employer, employee, contractor, investor, retiree or any combination of the above, I don’t have to tell you the impact that tax laws can have on your lifestyle and future financial plans. However, with
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With the passage of the Tax Cuts and Jobs Act (TCJA) in December, there are some significant changes that taxpayers need to be aware of as we move into 2018. In reality, this is really more of an overhaul of the previous tax system that you have likely gotten used to over the past 8
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As you may already know, the IRS will never call or email you. If you are willing to endure possibly long waits on hold, the IRS can be reached by phone. Most of the communication you will ever encounter with the Internal Revenue service still comes via postal mail or by fax. The IRS does
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With more of our lives spent online, interent fraud has certainly become prevelant. The IRS alone has already reported a 400% jump in tax phishing scams compared to this time last year. In case you are wondering, phishing is an attempt by cyber criminals to obtain sensitive information, such as passwords, usernames, social security records
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In addition to the traditional ways of falling prey to theft, such as having your wallet stolen or credit card information exposed on the Internet, being a victim of tax fraud is yet another form of identity theft. Despite the Internal Revenue Service issuing numerous warnings in recent years, tax-related fraud continues to increase and