Look Out, The Taxes are Coming, Supreme Court Decision Opens the Door for State and Local Internet Sales Taxes, SFS Tax, Woman Shopping Online, Credit Card, Gold Card

Look Out! The Taxes are Coming… Supreme Court Decision Opens the Door for State & Local Internet Sales Taxes

Things are about to change in the realm of state and local taxes and Internet purchases, thanks to the recent U.S. Supreme Court decision on South Dakota vs. Wayfair, Inc. But First, Some Background… In order to understand the wide-reaching impacts of this decision, you need to know a little bit about how this case came to be. Currently, many smaller businesses generally do not charge sales tax to customers in other states, unless the business meets certain criteria. One of these [...]

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Did You Owe Taxes this Year? You Need a Paycheck Checkup!

If you wrote a check to the IRS in April for 2017 taxes, there’s a good chance you could be doing it again for 2018 – for an even bigger amount. Not only that, but the IRS warns that if you underpay your taxes too much, penalties and interest will apply. Unless, of course, you take evasive action now. The best way to find out what you need to do with a paycheck checkup. An Enrolled Agent (EA) can look at your [...]

It All Started with Taxes, How a Giant Tea Party Led to Independence Day as We Know It, SFS Tax, SFS Tax & Accounting, Boston Tea Party, July 4th

It All Started with Taxes: How A Giant Tea Party Led to Independence Day as We Know It

It All Started with Taxes: How A Giant Tea Party Led to Independence Day as We Know It. An SFS Tax & Accounting Blog.  It was probably cold the night of December 16, 1773. Three ships – the Beaver, the Dartmouth, and the Eleanor – were moored at Griffin’s Wharf in Boston Harbor. They had just completed a long journey across the Atlantic. Onboard was 92,000 pounds of tea in 340 chests… approximately 18.5 million cups of tea. All of it had [...]

Note to Business Owners, It Can be Costly to Ignore 1099 Requirements, SFS Tax, Woman in Business Dress, Ipad, windows, urban environment

Note to Business Owners: It Can be Costly to Ignore 1099 Requirements

With changes and updates happening to the tax law continually, it can be hard to stay up-to-date. For business owners and 1099s, though, it’s critical to get it right. Penalties can go into the five-digit territory – not something you need… ever! Most business owners I know work hard every day to take care of their businesses. As you may already know, business owners must file Form-1099-MISC to each vendor or subcontractor to whom they have paid $600 or more in services, [...]

Say Goodbye to Unreimbursed Employee Expenses, SFS Tax, SFS Tax and Accounting Services, Woman biting pencil, yellow pencil, colored pencils, laptop, office window

Say Goodbye to Unreimbursed Employee Expenses

Medical professionals paying out of pocket for their uniforms. Road warriors who don’t get the federal mileage rate from their employers. Teachers buying supplies for their classrooms. All these folks can be affected by the disappearance of the unreimbursed employee expense deduction. The Tax Cuts and Jobs Act, passed into law in late December 2017, put an end to it as of the 2018 tax year. What are Unreimbursed Employee Expenses? Going to work every day comes at a cost. Some of [...]

Plan Now Pay Less Later, What is Tax Planning and Why Do I Need It, SFS Tax, SFS Tax and Accounting, Saving Money, Calculator, Change, Spreadsheet

Plan Now, Pay Less Later: What is Tax Planning and Why Do I Need It?

The only constant is change. That applies just as much to your taxes as it does to anything else in life, and it’s why tax planning is so important. The biggest tax change in several decades went into effect on January 1, 2018.  It’s called the Tax Cuts and Jobs Act, and it can make a significant difference in the amount of tax you will pay. Income Tax Rates Change; Tax Brackets Shift There have been changes to both the tax [...]

3 Summer Financial Tips for Kids, SFS Tax, SFS Tax and Accounting, Kids Swimming, Pool, Kids in Floats, Sunglasses, Kids in Sunglasses

3 Summer Financial Tips for Kids

Ahhh… summer! Enjoy a more relaxed schedule, warmer weather, backyard barbeques and sandy-yet-fun trips to the beach. In between all of the activity, it’s good to incorporate life lessons that don’t require textbooks (or flotation devices). It’s old-fashioned learning by example! Starting financial education when kids are young will leave them well equipped to handle money well when they are grown. Give Kids an Income… and Help them Manage It It doesn’t have to be a lot. A few dollars a week can [...]

Do You Make Quarterly Tax Payments, It is a Little Tricker This Year, SFS Tax, SFS Tax and Accounting, One Hundred Dollar Bill, Money Puzzle

Do You Make Quarterly Tax Payments? It’s a Little Trickier This Year

Figuring out quarterly tax payments is a little more complicated this year. The Tax Cuts and Jobs Act of December 2017 ushered in over 500 pages of tax code revisions. Among other changes, it lowered tax rates and created a deduction for pass-through entities and the self-employed. It also does away with personal exemptions and suspends some itemized deductions. However, there is a need for technical corrections, which may come this summer. Even so, there are penalties for underpaying your quarterly tax obligation. [...]

Senior Financial Fitness, What You Need to Know, SFS Tax, SFS Tax and Accounting, Doctor, Doctor in a white coat, Stethescope, Gold Watch, Gold Wedding Band

Senior Financial Fitness – What You Need to Know

It’s never too late to get financially fit. Here are some simple and painless ways to build your financial muscle. 1. Take another standard deduction. If you are 65 or over, you are entitled to another standard deduction (if you don’t itemize). Those standard deductions have nearly doubled in 2018. A tax professional can determine if you are better off taking those standard deductions or itemizing. 2. Continue to make contributions to a retirement plan. It’s perfectly legal for you to put [...]

The Seesaw Standard Deductions and Child Tax Credits Double, Personal Exemptions Vanish, What it All Means, SFS Tax Problem Solutions, Family of Four, Tropical Location, Beach Background

The Seesaw: Standard Deduction & Child Tax Credit Doubles, Personal Exemptions Vanish – What it All Means

Part Two of What did the Tax Cuts & Jobs Act Do to My Income Tax?  In part one of this series, we covered the changes to the ordinary income tax brackets and rates. Your income is only part of the story in determining how much tax you will pay. Also factoring into the equation is the standard deduction amount, which has nearly doubled, as well as the personal exemption, which has vanished. This is good news for single filers and [...]