How Tax Reform Hurts Many Small Businesses

The Tax Cuts and Jobs Act gives big business an even bigger edge.
While the Republican-led tax reform bill contains some benefits for small businesses, it also hurts them -- at least... Read more

Published: 05/04/18

How to Navigate that 20% Tax Break for Small Businesses

Small business owners may benefit from kinder tax treatment under the new law. They should think twice before becoming incorporated.
The Tax Cuts and Jobs Act offers a 20 percent... Read more

Published: 04/02/18

5 Ways to Hack the New Tax Law

Now that tax season has arrived, you’re likely digging through receipts and tax forms to pull together your 2017 returns — and your 2018 taxes may be the furthest thing from your mind.... Read more

Published: 03/02/18

These Tax Credits Can Mean a Refund for Taxpayers!

Taxpayers who are not required to file a tax return may want to do so. They might be eligible for a tax refund and don’t even know it. Some taxpayers might qualify for a tax credit that can... Read more

Published: 02/09/18

Five Reasons to E-File

For taxpayers who still file a paper return, there is no better time to switch to e-file. The IRS expects 90 percent of individual taxpayers to file electronically in 2018. Choosing e-file and... Read more

Published: 02/06/18

Considerations for 2018 Tax Filing Season

The IRS is now accepting tax returns as the annual tax filing season is underway. The IRS expects taxpayers to file more than 155 million returns this year. Here are some things for taxpayers to... Read more

Published: 02/05/18

New Federal Tax Law May Affect Some Refunds Filed in Early 2018

The Internal Revenue Service has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2018... Read more

Published: 01/26/18

Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC

Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this... Read more

Published: 01/23/18

Key 2018 Tax Changes

The Pass-Through Deduction
The new tax code makes a big change to the way pass-through business income is taxed. This includes income earned by sole proprietorships, LLCs, partnerships,... Read more

Published: 01/04/18

9 Tax Deductions Going Away in 2018

The new tax reform bill is now law, and taxpayers can expect a lot of changes to take place in 2018. Reduced tax rates, higher standard deductions, and higher child tax credits for families... Read more

Published: 01/02/18

Get Ready for Taxes: Plan Ahead to Avoid Refund Delays

Tax Advice for Temporary and Seasonal Employees
As the holiday shopping season approaches, it's a great time for some reminders if you're planning to take on some seasonal temp work!
Seasonal... Read more

Published: 12/01/17

Sometimes Some Business Deductions Aren't Worth It

GreenPal CEO Bryan Clayton spent years deducting every possible business expense on his tax returns. When he sold his former company, Peach Tree Inc., in 2013, he discovered that probably wasn't... Read more

Published: 11/20/17

Get Ready for Taxes: Save for Retirement Now, Get a Tax Credit Later

The Internal Revenue Service reminds low- and moderate-income workers to plan now to earn a credit on their 2017 tax return. A special tax break can help people with modest incomes save for... Read more

Published: 11/15/17

Why Small Businesses Need a CPA

Every business, no matter how small, needs a financial and tax advisor. But your business needs a Certified Public Accountant (CPA)​, not just an accountant.
CPA vs. Accountant
"Accountant" is a... Read more

Published: 11/08/17

Why Hire a CPA?

While you may think the terms “accountant” and “CPA” (certified public accountant) have basically the same meaning, there are several differences.
One of the biggest... Read more

Published: 11/07/17

3 Smart Ways for Investors to Cut Their Taxes

High returns aren't the only factor to consider when choosing your investments.
A tax-efficient portfolio can save you enough on your tax bill to nicely compliment your investment returns. Take a... Read more

Published: 10/26/17

8 Tax Changes for 2018

The Internal Revenue Service has unveiled some changes for 2018 including cost-of-living adjustments for retirement savings and inflation changes for certain tax provisions.
Higher contribution... Read more

Published: 10/25/17

Tax Tips for Homeowners

The joys of homeownership are manifold. You can nail whatever you want to the wall! You can paint a room neon green! You can be financially responsible for an alarming mortgage, personally... Read more

Published: 10/20/17

What Expenses Are Tax Deductible for a U.S. Horse Business?

Expenses can be deducted if they are ordinary and necessary. Ordinary means that someone else who has a business like yours would likely have a similar expense. Necessary means that you needed to... Read more

Published: 10/19/17

Florida Governor Oks End to Tampon Tax

Florida Gov. Rick Scott signed a $180-million tax cut package that will eliminate taxes charged on tampons and created two sales tax holidays.
Scott approved the bill even though state legislators... Read more

Published: 10/10/17

The Best Tax Tips for Freelancers

On the back of the gig economy, making ends meet has taken on many forms.
From Uber drivers to freelance web developers, there's a growing group of 1099 workers in the labor force –... Read more

Published: 10/04/17

Small Business Tax Tips for 2017

Take as many deductions as you’re legally allowed to take
There’s no sense in paying any more taxes than you’re legally obligated to pay.
As a small-business owner, there are a... Read more

Published: 09/22/17

Reconstructing Records

Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove... Read more

Published: 09/20/17

Reconstructing Records After a Natural Disaster or Casualty Loss

Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove... Read more

Published: 09/20/17

Tax Relief for Victims of Hurricane Irma in Florida

FL-2017-04, Sept. 12, 2017
Florida — Victims of Hurricane Irma that took place beginning on Sept. 4, 2017 in parts of Florida may qualify for tax relief from the Internal Revenue... Read more

Published: 09/12/17

Prepare Your Tax Documents & Homes for this Hurricane Season

Hurricane season is coming and in Florida it is wise to be prepared. Your tax documents are very important and not easy to reproduce if needed. It is a good idea to establish backup records. This... Read more

Published: 09/06/17

Hurricane Checklist: What to do Before and After the Storm

In areas where hurricanes can strike, it's a good idea to have a closet or a place set aside for storm preparedness storage. There, you can keep items you'll need in case disaster strikes suddenly... Read more

Published: 08/29/17

Should You Take Advantage of a Deferred Compensation Plan?

To defer, or not to defer?
That is the question executives with access to deferred compensation plans at work must answer each year.
The plans, made available to company officers or other high... Read more

Published: 08/24/17

IRS Penalizes Earners for Estimated Tax Filings

More Americans who pay their income taxes each quarter are being penalized by the IRS for making mistakes or missing payments.
There's been a nearly 33% jump — from almost 7.5... Read more

Published: 08/14/17

How Tax Reform Could Hit Charitable Giving

Plenty of factors can motivate charitable giving: Moral obligation, religious tithing, a desire to improve the world or leave a legacy.
But another factor -- the tax benefits for giving -- could... Read more

Published: 08/11/17

IRS Now Accepting Renewal Applications for ITINs Set to Expire by End of 2017

The Internal Revenue Service is now accepting renewal applications for the Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2017. The agency urges taxpayers affected... Read more

Published: 08/09/17

IRS Office of Appeals Pilots Virtual Service

The Internal Revenue Service Office of Appeals will soon pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an... Read more

Published: 08/08/17

Two Tips That Lead to a Better Retirement

For many Americans, a broad gap exists between their expectations of how much money they will need in retirement and the reality.
Merrill Lynch's March 2017 Finances in Retirement Survey... Read more

Published: 06/27/17

More ITINs to Expire

The IRS is warning a new set of Individual Taxpayer Identification Number holders that their numbers are set to expire at the end of 2017, and that they’ll need to renew them before they next... Read more

Published: 06/22/17

IRS Form 1099 Mistakes That Trigger Big Taxes On Phantom Income

Some tax mistakes make it look like you collected big, when you really didn't. They can cause tax problems, and it can be hard convincing the IRS that you are right. Take the recent case... Read more

Published: 06/20/17

Three-Day Storm Supply Sales Tax Holiday Starts Friday

Planning ahead for hurricane season could save you a little money.
From 12:01 a.m. Friday through 11:59 p.m. Sunday, Florida will not charge sales tax on certain emergency preparedness... Read more

Published: 05/31/17

7 Things To Do Right Now To Save On Taxes This Year

With the beginning of summer just around the corner, chances are that you're not thinking about your 2017 taxes - but you should be. The beginning of summer is a great time to take stock of your... Read more

Published: 05/25/17

Can Digital Nomads Take A Tax Deduction For Moving Expenses?

Federal tax law allows a deduction for moving expenses related to starting a new job or transferring to a new location for your present employer. To take the deduction, you have to meet all three... Read more

Published: 05/22/17

Preparing for Hurricanes, Floods and Other Natural Disasters

With the start of the Atlantic hurricane season looming on June 1, the Internal Revenue Service today offered advice to taxpayers who may be affected by these types of storms, as well as other... Read more

Published: 05/18/17

Strange Taxes In the U.S. & Around the World

Perhaps certain taxes make more sense, like a tax on inheritance or investment gains. But let’s face it – some taxes are just plain crazy. Here are 12 of the weirdest... Read more

Published: 05/17/17

Startups Can Choose New Option for Claiming Research Credit

Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal... Read more

Published: 05/10/17

These 13 Home Energy Tax Credits Expire in 2016

At the end of 2016, the clock runs out on several federal tax credits for homeowners who made energy upgrades during the year. A tax credit reduces the amount of tax owed, so it's different... Read more

Published: 04/27/17

What Is The Savers Credit?

The Savers Credit gives a special tax break to low- and moderate-income taxpayers who are saving for retirement.

Formerly called the Retirement Savings Contributions Credit, the Savers Credit... Read more

Published: 04/26/17

5 Tax Tips For Small Business Owners

Nobody looks forward to doing their taxes. Here are tips for small business owners that will make money management a little easier.
Tax season is a stressful time for everyone, but for small... Read more

Published: 04/25/17

Little-Known Tax Tips For Small-Business Owners

At tax time, small businesses look for ways to save money and maximize credits and deductions. “One of the most overlooked ways for small businesses to save at tax time starts at the... Read more

Published: 04/24/17

IRS Will Use Private Debt Collectors

The private debt collection program was created by a federal law enacted by Congress in December 2015.
The IRS told reporters that for the first month they plan to send out 100... Read more

Published: 04/14/17

7 Tax Misunderstandings

While we can never know everything, there are times when ignorance can cost you dearly -- and tax season is one of those times. Here are seven tax misunderstandings Americans should clear up... Read more

Published: 04/13/17

4 Things the IRS Doesn't Want You to Know!

It's the IRS's job to collect taxes for the federal government, so it's not surprising that most people are less than fond of the agency.
The IRS, in turn, does its best to keep certain facts... Read more

Published: 04/13/17

Your taxes are not due on April 15! Here's why...

If you're among the nearly 40 million Americans who have yet to file their 2016 tax returns, the good news is you get a few extra days to file.
While the tax return due date is typically April 15,... Read more

Published: 04/12/17

Amazon Will Collect Sales Taxes Nationwide on April 1

Amazon, the online merchandise juggernaut, will collect sales taxes from all states with a sales tax starting April 1.
Tax-free shopping will be over as of next month in Hawaii, Idaho, Maine and... Read more

Published: 03/24/17