Archive

19Mar2019

Checking the Status of Your Federal Tax Refund is Easy

    Article Highlights: Your federal tax refund status can be checked online. E-file refunds are generally issued within 21 days of filing. Direct deposit provides the quickest refunds. If your 2018 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My
  • 19 Mar, 2019
  • Jacqueline Cran
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22Feb2019

Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership

    Article Highlights: Pre-Tax Reform Home Mortgage Interest Deduction Home Acquisition Debt Home Equity Debt Tax Reform Mortgage Interest Deduction Changes Home Acquisition Debt Home Equity Debt Tracing Equity Debt Refinancing Property Taxes As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest
  • 22 Feb, 2019
  • Jacqueline Cran
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18Feb2019

Increased Business-Vehicle Deductions Due to Tax Reform

Article Highlights: Annual Mileage Optional (Standard) Mileage Method Actual-Expense Method Vehicle Depreciation Luxury-Vehicle Limits SUVs Interest Expenses Business-Vehicle Sales or Trade-ins Employees Plug-in Electric Vehicle Credits 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
  • 18 Feb, 2019
  • Jacqueline Cran
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15Feb2019

Unforced Errors – The 8 Most Common IRS Penalties and How to Avoid Them in 2019

You know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit
  • 15 Feb, 2019
  • Jacqueline Cran
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07Feb2019

Vacation Home Rentals: How the Income is Taxed

    Article Highlights:   Home never rented Home rented for fewer than 15 days Home rented for at least 15 days with minor personal use Home rented for at least 15 days with major personal use Vacation home sales If you have a second home in a resort area, or if you have been
  • 7 Feb, 2019
  • Jacqueline Cran
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04Feb2019

Reasons Why Your Small Business Needs an EIN

  Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing the business owner’s Social Security Number, doing so is not necessarily the best idea, even if
  • 4 Feb, 2019
  • Jacqueline Cran
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31Jan2019

February 2019 Tax Due Dates

  February 2019 Individual Due Dates   February 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 11. Your employer is required to
  • 31 Jan, 2019
  • Jacqueline Cran
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31Jan2019

IRS Giving a Break to Some Taxpayers Who Under-Prepaid Their 2018 Taxes

  Article Highlights: Tax Reform Prepayments W-4 Safe Harbor Payments Penalty Waivers & Exceptions Mitigating the Penalty 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 withholding, and self-employed individuals and those with investment
  • 31 Jan, 2019
  • Jacqueline Cran
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28Jan2019

Rental Owners: Guidance Related to the Pass-Through Deduction

    Article Highlights: 199A 20% Pass-Through Deduction Rental Safe Harbor Qualifications Books & Records 250 Hours Contemporaneous Record Triple Net Leases Vacation Home Rentals Double-Edged Sword 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
  • 28 Jan, 2019
  • Jacqueline Cran
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17Jan2019

Getting the W-4 Right is Important

  Article Highlights:   W-4 Complications Working Spouse Adjusting Refund Other Income and Tax Issues 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 need to determine the amount of federal income taxes to
  • 17 Jan, 2019
  • Jacqueline Cran
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