Author - SFS Tax & Accounting

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...

June 7, 2018Read more...
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...

May 30, 2018Read more...
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

Standard Deduction & Child Tax Credit Doubles, Personal Exemptions Vanish

Part Two of What did the Tax Cuts & Jobs Act Do to My Income Tax? 

Standard Deduction & Child Tax Credit Doubles, Personal Exemptions Vanish - What it All Means 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...

May 30, 2018Read more...
What did the tax cuts and jobs act do to my income tax, lady holding a sign, will i be paying more or less, lady in a business suit, SFS Tax

What Did the Tax Cuts & Jobs Act do to My Income Tax?

Many changes were ushered in by the Tax Cuts & Jobs Act which passed in December 2017. Depending on your tax situation, the most impactful changes for individuals were to: Ordinary Income Tax Rates and Brackets Standard Deduction Amounts The Personal Tax Exemption For those with children, the doubling of the child tax credit can also make a difference. In the first of this two-part series, we’ll look at the changes to the ordinary income tax rates.

Income Tax Changes: Most Will...

May 30, 2018Read more...
A Hurricane Tax Holiday - image of hurricane

Another Hurricane?!

A Hurricane Tax Holiday. Many of us remember the wrath of Hurricane Irma last September. It seems like yesterday! It can be tough to face the possibility of another one (already). Nonetheless, hurricane season starts this Friday. This might get you in the mood to prepare, though… Floridians will get a week-long disaster preparedness sales tax holiday. It runs Friday, June 1 to next Thursday, June 7. Qualifying disaster preparedness items are exempt from sales tax during this period. What’s a qualifying item? Check the list...

May 29, 2018Read more...
Top 5 Ways Wine Helps with Your Taxes, SFS Tax, Red Wine, White Wine, Grapes, Wine Barrels, Wooden Tables

Top 5 Ways Wine Helps with Your Taxes

In honor of National Wine Day, we’re counting down the ways that wine can help you when it comes to your taxes. Raise your glass and toast to this!

5. Wine is good for your heart.

You may need a healthy ticker when see your tax bill.

4. Wine preserves your memory.

Can’t remember where those receipts are? Drink up. Researchers found that women in their 70s who drank at least once a day scored better on memory tests than those who drank less...

May 24, 2018Read more...
Tax Avoidance vs Tax Evasion Which One is Legal The IRS Said So, SFS Tax and Accounting, Raining Money, Umbrella, Woman with Umbrella

Tax Avoidance vs. Tax Evasion

Which One is Legal? (The IRS Said So) Everyone knows you’re supposed to pay your taxes. If you don’t, that’s illegal. It’s called tax evasion. But what about avoiding taxes? Believe it or not, it’s not quite the same thing. The IRS defines tax avoidance as “an action taken to less tax liability and maximize after-tax income.” This is perfectly legal. Tax evasion is the “failure to pay or a deliberate underpayment of taxes.” It’s what can land you in hot water with the IRS....

May 15, 2018Read more...
All About Tips, the Kind You Give at Restaurants, SFS Tax, Waiter Serving Food

All About Tips

All About Tips (The Kind You Give at Restaurants). An SFS Tax & Accounting Services Blog.  This shouldn’t be news to anyone, but who are we to judge? It’s worth repeating: The money that you receive in tips is taxable. If you receive $20 or more a month in tips, you need to report them. You must pay tips on all income received during the year, including tips given to you from customers, tips written in on credit card slips, and the tips you...

May 3, 2018Read more...
IRS Taxpayer Assistance Center- Image of digital earth- cell phone

New Twist on an Old Scam

IRS Warns of Crooks Directing Taxpayers to IRS.gov to "Verify" Calls. IRS scams are like cockroaches. You kill all you find, but there are more hiding somewhere else. These cockroaches, though, keep evolving to outsmart even the wiliest taxpayer.

What the Scammers Are Doing Now

The latest phone scam still operates the same way as in the past. Criminals call you, claiming to be from a local IRS office. They demand immediate payment for a tax bill… a tax bill that doesn’t exist. Sound familiar? We thought...

April 30, 2018Read more...
Why do we pay taxes. - image of man pulling on his hair

Why do We Pay Taxes Anyway?

Why do We Pay Taxes Anyway?  No one likes paying taxes. It’s easy to focus on that check you write to the IRS each year or quarter. Or complain about the amount withheld from your paycheck. Or kvetch about the tax bite on the sale of our house, our stocks, or our inheritances. There are a lot of benefits to paying taxes though. Let’s face it… the government needs money to run. We could probably argue all day (and night) on just how much money...

April 25, 2018Read more...