Big Tax Law Changes – Bigger Opportunities for You

The tax law changes in the Tax Cuts and Jobs Act, passed at the end of December 2017, enacted some of the most sweeping changes taxpayers have seen in 30 years. Here are a few big changes to come out of the new act — and what you can do about it. The medical expense […]

Taxes and virtual currencies: What you need to know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to […]

Watch Out for this Tax Season Scams

The IRS is warning taxpayers to keep on high alert for the next few months for tax season scams. Scammers may try to get their hands on your money or tax return by collecting your personal or financial data. According to the IRS, its employees will never: Threaten to immediately bring in local police or […]

Going Through Your Tax Records? What You Should Consider Keeping

You’re probably getting ready to go through last year’s tax records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your tax records. Chances are you’re a little confused about what to keep and what to […]

Tax Savings for Your Small Business – New Capital Expense Rules for 2018 That Can Benefit You!

There are many provisions in the tax reform bill passed in late 2017 designed to benefit small business owners. New capital expense rules are one of them. Also, There are a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you […]

The Best Way to Avoid an Audit: Preparation

Getting audited by the IRS is no fun. Some taxpayers are selected for random audits every year, but the chances of that happening to you are very small. You are much more likely to fall under the IRS’s gaze if you make one of several common mistakes. So what is the best way to avoid […]

Do You Have a Household Employee? Don’t Ignore the Nanny Tax

As you review your filing requirements for 2018, make sure you don’t overlook the nanny tax related to household employees. If you have a housekeeper or any other household employee, you could be liable to pay state and federal payroll taxes.   How to know if you must pay the nanny tax   First, you’ll […]

Tax Rules for Small Business: Changes to Pass-Through Entity Rules

One of the most important – and complicated – changes in the new tax reform act is to the tax rules for small business that are treated as “pass-through entities.” The good news is that if you own one of these businesses you may get as much as a 20 percent reduction to the taxation […]

The 2018 Tax Filing Season is Almost Here!

IRS Announces Delayed Start for Tax Filing Season 2018! This year, the IRS filing season will begin Jan. 29, which is a little later than last year’s filing season, which began on Jan. 23.  The IRS is still updating its systems to prepare for the 2018 tax filing season. Individual tax returns are due April […]

Is it Time to Update Your Beneficiary List?

Simply said, it’s extremely important to update your beneficiary list and keep it up to date. Consider making it a priority or things might not go as you planned. It’s not uncommon to lose track of your beneficiaries, including which accounts have them, and who you designated. However, it is important to keep them current. […]