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If you are a U.S. citizen or resident who made money last year, whether you must file a tax return or not is usually dependent on three things: gross income, filing status and age. Table 1 shows the minimum requirements for filing an income tax return. 2018 Filing Requirements for… Read More

One of the major provisions of the Tax Cuts and Jobs Act was the creation of a new deduction (Code Section 199A) for business owners operating as a sole proprietor, as a shareholder in an S Corporation or a partner in a partnership venture. This new deduction also extended to… Read More

You should probably take one very important estate planning action as soon as you finish reading this. Check the beneficiary designations for your: bank accounts, brokerage firm accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities, and 529 college savings accounts. If you have not yet turned in… Read More

The IRS has released a series of security related articles to assist both taxpayers and tax professionals in creating a secure computer environment. They encourage everyone to review the security protocols you have in place, what steps you are taking to protect your private information, and how to make your… Read More

The new tax law, commonly called the “Tax Cuts and Jobs Act,” is the biggest federal tax law change in over 30 years. Below are some significant changes affecting individuals and businesses. Except where noted, the changes are effective for tax years beginning after December 31, 2017. While we have… Read More

One of the future goals for your children is their financial security and assistance with education goals. It is important to demonstrate the value of saving money and taking advantage of tax breaks. The Tax Cuts and Jobs Act (TCJA) includes provisions that affect tax planning for children and their… Read More

As a reminder following are the IRS rules for substantiating charitable donations. We encourage you to maintain the records necessary to support your claim for these donations in the event of an audit. Many taxpayers may not be able to deduct their charitable donations due to the increased standard deductions… Read More

New Deductions For Business Owners One of the more complex changes from the Tax Cuts and Jobs Acts is the ability to reduce taxable individual income for those who receive income from a pass-through business entity such as a sole proprietorship, partnership, S corporation or trust/estate.  Recipients of income from… Read More

We all know that the President has signed and approved the new tax bill called The Tax Cuts and Jobs Act. This new act impacts virtually every individual and business on a level that we have not seen in over 30 years.  This historic bill calls for lowering the individual… Read More

Knowing the difference is important Is a worker an independent contractor or an employee? This seemingly simple question is often the contentious subject of IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare, and other employment-related taxes. Here is what… Read More