Newsworthy

CPA VS Accountant: Which Do You Need For Your Business?

This is a link to a really good article which explains the difference between a bookkeeper, accountant, and CPA. I think some new business owners are a little confused about what they might need. This might help! https://www.merchantmaverick.com/cpa-vs-accountant/

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Quick review of a few tax planning ideas

Looking for ways to reduce your taxable income? Scan through these ideas and contact me if you would like to discuss in more detail and apply to your situation. Health savings account Qualify if in a high-deductible medical plan (HDHP) … Read More

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NEW IRS LB&I CAMPAIGNS TARGET S CORPORATIONS, INTERNATIONAL ISSUES

IRS Large Business and International division (LB&I) announces the approval of six additional compliance campaigns IRS’s Large Business and International division (LB&I) has announced six new compliance campaigns. The new compliance campaigns target: S corporation built-in gains tax; post offshore … Read More

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Lowering AGI this year can help taxpayers when they file next year

A taxpayer’s adjusted gross income is one … Read More

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Good tax planning includes good recordkeeping

Tax planning should happen all year long, not just when someone is filing their tax return.  An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also … Read More

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IRS RELEASES DRAFT OF NEW SIMPLIFIED TAX RETURN FOR SENIORS Draft 2019 Form 1040-SR

The IRS has released a draft of the new simplified tax individual income tax form, Form 1040-SR, which may be used by taxpayers 65 and over (senior taxpayers) for tax year 2019 and future returns. The new form is a … Read More

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Taxpayers should be on the lookout for new versions of these two scams

With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers related … Read More

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Educators can claim deduction to get money back for classroom expenses

Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators. Here are some things to know about this deduction: Educators can deduct … Read More

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IRS reminder: Taxpayers can help determine the right amount of tax to withhold from their paychecks by doing a Paycheck Checkup now

IR-2019-112, June 14, 2019 WASHINGTON — The Internal Revenue Service encourages taxpayers to look at their tax withholding now to take charge of their tax situation and avoid a surprise at tax time next year. Doing a Paycheck Checkup now using the IRS … Read More

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Here’s what people should know about taking early withdrawals from retirement plans

Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. Here are a few key things for taxpayers … Read More

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