Get Your Paycheck Checkup Now! As we wind down on the 2017 tax season, there’s another one gearing up. The many tax changes of the Tax Cuts and Jobs Act are affecting your taxes right now… and have been since January 1. In fact, even if you haven’t changed your withholding – even if you got a refund for 2017 - you may end up owing more in 2018. Or, you may be paying too much. It’s worth the extra time...
It’s not too late! You have until April 17, 2018 to make a qualified IRA contribution to receive a 2017 deduction or tax credit. Depending on your income level, you may also be eligible for a Saver’s Credit on top of your tax deduction.
We all need a little humor during these dog days of the tax season. Each year, the Minnesota Society of Certified Public Accountants releases a list of the most outrageous tax deductions clients have tried to claim, courtesy of their CPA members. So we thought we'd take a moment to share these gems with you. 1. Here’s my Home Office… Got your Bathing Suit? Float around and enjoy yourself in your pool, but don’t expect the IRS to give you a break on...
You can feel the pressure. The tax deadline is looming and you know you owe the IRS money. Problem is, you owe more than you have sitting in your checking account. Believe it or not, there are options open to you. The best course of action is to find the funds to pay the IRS what you owe by the deadline. Let’s look at a few ways to get the IRS paid: Take the Money out of Savings The meager return on most bank...
If only William Shakespeare could have traveled back in time to early 44 B.C. He would have been able to warn Julius Caesar about his impending assassination on March 15 by Marcus Brutus. It may not have done any good. Caesar had warnings, according to Shakespeare’s study of the Roman dictator. Yet he ignored the prophecies of his impending doom, and he paid the ultimate price on that fateful ides of March. Would the appearance of a 16th-century playwright/time traveler have changed things? Maybe...
As you may or may not know, my younger sister recently passed away and Ali and I just returned from the funeral in New York. Thank you to those of you that expressed your well wishes to us. On that sad note, I want you to know that even when there is a death in the family, there may be tax filings, from final 1040s to estate tax returns and the estate’s income return. I am an expert on the preparation of these tax returns...
Well, my friends, it is now March, and baseball spring training is back in full (ahem) swing. Not sure why they still call it spring training since most of the time it begins in late winter, but I digress. As most, if not all you who know Ali and me, know we are die-hard Yankee fans (some more die-hard than the other!). I have been a Yankee fan since 1963. My Dad, may he rest in peace, was a staunch Brooklyn...
Scammers Are Using Your Bank Account to Rob the IRS. Did you notice a large deposit in your checking account from the IRS? Wondering why it’s there? If you received a refund that you weren’t expecting, beware. It is most likely a scam. Tax scams are nothing new. A new tactic has reared its ugly head this year. It has the added twist of using the bank accounts of unsuspecting citizens to steal from the IRS. How does it work? First, scammers file a fake return...
Today is International Polar Bear Day. In its honor, we are ruminating on how a polar bear is like the IRS. First, there are a lot of myths about polar bears. Similarly, many people have misconceptions about the IRS. The biggest myth about polar bears is that they hibernate. Actually, only the pregnant ones do. Black and brown bears curl up for a long winter’s nap, but the polar bear has no need. Their unique genetic makeup keeps them warm in the...
TurboTax users beware! That email asking you to take a look at your W-2 may be fake. People who use TurboTax do receive legitimate emails from the online tax service. And that’s part of the problem. Scammers are sending a flurry of fake emails too… and not just for Turbo Tax users. Almost any financial institution or business can be a target. And those scammers are putting in extra efforts to make those emails look real. They are getting more and more sophisticated...
