Would a Mid-Year Tax Checkup Benefit You?
If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities…
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What Are My Chances of Being Audited and How Can I Reduce Them?
First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead. Per the linked statistics, for…
Interim Planning for the 2019 Tax Year
Individuals and small businesses should consider interim tax planning to make sure they are on the right path for the 2019 tax year. W-4 Updates – If you are employed,…
Defer Gains with Qualified Opportunity Funds
If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of…
Increased Business-Vehicle Deductions Due to Tax Reform
The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting…
Tax Tips for IRA Owners
There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in a pitfall, you may want to take advantage of the…
Tax Time Is Here! Are You Ready?
Tax time is here, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficulty…
Getting the W-4 Right Is Important
As they do at the beginning of every year, employers will be requesting employees to complete the IRS Form W-4. Its purpose is to provide employers with the information they…
IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through…
Important – Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Ever since tax reform was passed, over a year ago, taxpayers have been uncertain whether rental property will be classified as a trade or business for purposes of qualifying for…