Hi Folks, It's Monday, and I am watching the Yankees get beat up in the make-up game against the Orioles. I have to see what happens tonight in the regularly-scheduled game. This is the time to play catch-up in wins. Playing Catch-up, that is the point of this email. Unless you have been living in a cave, you should know that Congress passed the first massive tax code changes since 1986 and it is called the Tax Cuts and Jobs Act of 2017....
To My Fellow Taxpaying Americans, As I write this email, I am watching the Yankees play the Braves. The great American pastime! I hope you all had a wonderful July 4th celebration. It was on this day that we celebrated our independence from the Redcoats across the pond. It was at this time that our founding fathers set up a government to serve the people. However, serving the people costs money, and that's where taxes came in. Yeah, yeah, taxes are...
Hello folks, As you all know, I am an Enrolled Agent and very proud of that fact. I am also a member of the Florida Society of Enrolled Agents or FSEA and the National Association of Enrolled Agents, the NAEA. In fact, I am the current Education Chair and a Past President of the FSEA. This past Thursday – Saturday, the FSEA held their annual convention. I joined my fellow Enrolled Agents and other tax professionals for 18 hours of continuing education in...
Hi Folks, As I was reviewing the newsletter that you received yesterday, it prompted the topic for my weekly email. The question in the newsletter was from an unsolicited call I received from folks that found me on Google. She was worried about her soon to be husband's tax issues (it always seems to be the guy that has the problems). They came in, we got him compliant and filed all his past due tax returns. He owed on some and had...
Hi Folks, As most of you know, after tax season and a few days of well-deserved R&R I traveled to DC for IRS meetings. I then left for San Antonia and Georgia to teach at two affiliates of the National Association of Enrolled Agents (NAEA)and then it was off to LA for business meetings. I'm traveling to Louisiana, Atlanta, San Antonio (again), Orlando, Washington State, and Mississippi and that gets me through July 6th. Ali and I have a cruise booked in...
Hi Folks, I am here in DC for the Internal Revenue Service Advisory Council (IRSAC) meetings. Even in my travels, I try to stay on top of all current events and most especially tax matters, that will affect my clients. If you have a Health Savings Account or HSA, either through work, your business or personally, this is important news. Before the new law, The Tax Cut and Jobs Act (TCJA), was passed in January, the 2018 contribution limit for a family...
Hello to all, Tax day has come and gone. I am at home recharging my batteries and energizing my brain after putting in long hours preparing and filing as many tax returns as possible as well as a ton of extensions. I want to give heartfelt thanks to all of you who made a conscious decision to allow me to prepare your tax return; business, individual, trust, and partnerships. And to those of you that are on extension, I will be working on...
Hello Fellow Taxpayers, The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup using the Withholding Calculator on IRS.gov and, if necessary, complete a new W-4 form. The calculator will help determine the right amount of withholding and can help prevent having too little (or too much) tax withheld. Recent changes affecting withholding include: Reduced tax rates Elimination of personal exemptions Increased standard deductions: $12,000 for...
Hello Fellow Taxpayers, I am taking a short break to share some information with you that could affect your tax return. “I take an RMD. And I heard there is a potential tax break when donating, even if I don’t itemize.” What is an RMD (yes, another acronym)? Required Minimum Distributions, often referred to as RMDs, are amounts that the US federal government requires one to withdraw annually from traditional IRAs and employer-sponsored retirement plans once they reach a certain age. What is a qualified...
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