News
Tax Law Changes Affecting Business Owners' Bottom Lines
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business.
With just a few months left in the year, the IRS is... Read more
7 Year-End Tax Planning Strategies for Small Businesses
You still have time to significantly reduce your 2018 business income tax bill. Here are seven year-end moves to consider, taking into account changes included in the Tax Cuts and Jobs Act... Read more
IRS Provides Expanded Tax Relief for Victims of Hurricane Michael
Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service... Read more
Top 10 Tips for Deducting Losses from a Disaster
If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty... Read more
Divorce: What Tax Reform Means for Alimony Deduction
If you're unfortunately planning to get divorced, get the paperwork started sooner rather than later if you intend to preserve the tax deduction for alimony payments under the new Tax Cuts and Jobs... Read more
Crackdown on SALT Deduction Workarounds
The Internal Revenue Service and the Treasury Department said Wednesday they intend to issue proposed regulations to address the question of deductibility of state and local tax payments, as states... Read more
6 Groups of Taxpayers Most Affected by Tax Reform
Due to the tax reform passed in December, many taxpayers will be seeing tax changes in their 2018 tax return. Some changes are positive and some negative, and it is important to keep as updated as... Read more
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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