With tax time just around the corner, you’re probably about to start getting your paperwork in order, tracking down receipts, and doing everything you can to minimize any tax payout you may be facing. If you want assistance with your business or personal taxes for 2019 but you are worried about tax preparation fees, you […]
Following the biggest set of tax law changes in over 30 years, the IRS continues to remind taxpayers to do a Paycheck Checkup to help make sure they are having the right amount of tax withheld. What Changes Were Made? The Tax Cuts and Jobs Act (TCJA), tax reform legislation enacted in December 2017, changed […]
Scammers posing as the IRS are making threatening phone calls and using email scams to scare taxpayers. Learn how you can tell the difference between a scam and something legit.
The Tax Cuts and Jobs Act passed on December 22, 2017 made many changes to individual taxes beginning in 2018. One of those changes was the elimination of a deduction for personal exemptions and replacing it with a higher standard deduction.
The question becomes, if I don’t get a deduction for my dependents, is there any reason to list them on the return? The answer is: absolutely yes.
Here’s a real-life example of why having the proper documentation is very important for claiming automobile expenses and mileage on your taxes. Learn about how to meet the substantiation/documentation requirements required by the Internal Revenue Code on our blog here. “An attorney was not entitled to deduct unsubstantiated car and truck expenses because he failed […]
Taxpayers are always asking their CPA what they can deduct to save on taxes. Some deductions seem pretty straight forward (home mortgage interest, charitable contributions, etc.). Others are much grayer and depend on particular facts and circumstances. What Counts as a Medical Expense? One tax deduction that may be available is for medical expenses. The […]
As we get closer to another tax return filing season here is a reminder of the documentation and substantiation requirements for a few common deductions. Charitable Contributions No deduction for cash donations is allowed unless you have bank records (canceled check or bank statement) or written acknowledgment from the charity documenting the contribution’s amount and […]