Do I Qualify as Head of Household?

Do I Qualify as Head of Household? We know that selecting the correct status can get confusing. The Internal Revenue Code offers five different filing status options, and you’re required to pick one of them. It’s pretty well-known that the “head of household” status carries a lot of advantages:  Taxpayers who qualify get a higher standard deduction Qualified taxpayers have wider tax brackets than the single-filing status. However, there are specific rules to qualify for this option. What IS Head of Household? The Head of [...]

Are Your Cannabusiness Profits Going up in Smoke?

Are Your Cannabusiness Profits Going up in Smoke? With tax season starting, questions from both legal and illegal cannabis companies begin to arise. Truthfully, the current tax laws for cannabis companies are tough to comprehend. Federal and state tax laws vary significantly. Also, federal tax rules for cannabusinesses are different than those of other for-profit businesses. Most importantly, federal tax laws make it very difficult for cannabis companies to generate a profit due to the heavy tax burden that is imposed. 280E: [...]

6 Ways to Get Your Tax Refund Faster

6 Ways to Get Your Tax Refund Faster As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the funds needed to pay your tax bill. Meanwhile, here are things you can do now to get [...]

Small Businesses: Tax Act Changes

We’ve spent the last 10 months combing through the 100+ page Tax Cuts and Jobs Act (TCJA) of 2017. There are many changes that affect small busineses. To help you stay informed, we pulled out the top four changes you should know about the new law that could affect your 2018 returns. 1. Some pass-through businesses can expect a larger deduction With pass-through businesses, such as S corporations, partnerships, or LLCs, the income earned isn’t taxed at a corporate level. Instead, [...]

4 Tips on Safely Donating Online

4 Tips on Safely Donating Online We live in very unsettling times — at least from the standpoint of cybersecurity. According to a recent report, 3,676 breaches were reported in the first nine months of 2018. This resulted in the exposure of 3.6 billion records. And although this marks an 8 percent decline in “data compromise events” from 2017, criminals are getting shrewder, and new threats are emerging before old ones have been fully addressed. It’s important to stay vigilant as [...]

Employers: New Tax Credit Benefits for Those Who Provide Paid Family and Medical Leave

Employers: New Tax Credit Benefits for Those Who Provide Paid Family and Medical Leave The tax reform legislation enacted in December 2017 offers a new tax credit for employers who provide paid family and medical leave. Want to know how it works? We’ll go into that – and which employers are eligible to claim it. Where is it applicable?  The credit is available for wages paid in taxable years beginning after December 31, 2017, and before January 1, 2020. Some employers can claim [...]

Understanding Income Tax Refund Loans and Back Taxes

Understanding Income Tax Refund Loans and Back Taxes Do you file your taxes electronically? If you do, and the government deposits your refund directly into your checking account, the IRS will refund your money within 21 days. Before 2012, you could receive your money sooner with a refund anticipation loan (RAL) offered by most tax preparers. However, major lenders don’t offer RALs anymore. Loans you take out to get your refund money early is based on your credit history and [...]

Retirees Not Withholding Enough

Retirees Not Withholding Enough The IRS has announced that retirees may not be withholding enough for taxes this year. There were lots of changes in 2018 that made previous withholding levels obsolete. You should get with an Enrolled Agent now to make adjustments and avoid penalties. But How Do I Know if I’m One of Them? How do you even check to see if you’re not withholding enough? The IRS designed a new withholding calculator for employees that are paid wages, but [...]