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Clean Up Your (Tax) Act

Organizing Your Tax Documents Let’s be honest, sometimes we’re all a little messy and unorganized. Life was much easier as a kid, but now we’re grown-ups with grown-up responsibilities. It’s time we clean up our acts a bit. Waiting until the end of the year to collect our records for tax season is a pain in the a**. We often tend to forget when thinking about what’s important to DO because we’re thinking about what’s important to US. The holidays, family, a [...]

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Crypto: The Basics

What is Cryptocurrency? A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. Where to buy Crypto? Your first step into the cryptocurrency world will probably occur through an exchange. There are two main types of exchanges: The first type of exchange [...]

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Money Alert: Your Tax Checkup

Here’s something the public generally turns a blind eye towards… your yearly tax changes. Have you used the Tax Withholding Calculator to ensure your employer is withholding the correct amount from your paychecks? If not, it might be time to check in with your enrolled agent and make sure. You may owe more than you think, or better yet, you may be entitled to a greater return. Paycheck Checkups are particularly critical for people who: • Have a two-income family. • Have [...]

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How Does the Tax Cuts & Jobs Act Affect Small Businesses? Part Three: What it Means For Your Clients

In part one of this series, we covered how the Tax Cuts & Jobs Act affects you as a small business owner. There are also provisions that affect your clients and may have an effect on the market in general. Mortgage Interest Debt Deduction Limitations The mortgage debt deduction limit is now $750,000 for new loans, or those that originate after December 14, 2017. Any existing mortgage debts of up to $1 million can be deducted. Existing mortgage debts can also be refinanced [...]

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Finally! A Tax Debt Resolution Option

AN OFFER IN COMPROMISE If you’re having trouble affording payments to the IRS to settle any outstanding debts, consider applying for their settlement program, an Offer in Compromise. The Internal Revenue Service offers this as a solution to those who owe more money than they can afford to pay. This allows you to eliminate your tax debt and is a great chance for a fresh start. If approved, the IRS accepts a lesser amount – sometimes even just a fraction of [...]

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A Plan a Day Keeps the IRS away: Back Taxes

The IRS is considered the most brutal collection agency on the planet – backed by the power of the federal government. No wonder you’re shakin’ in your boots gripping onto those back taxes you owe. Burying your head in the sand is no way to make these taxes subside. If anything, doing nothing will only make things worse due to penalties and interest. You’re Risking Having: Your paycheck garnished Your bank account levied The IRS filing a Notice of Federal Tax Lien – making [...]

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Are You Making One of These Four Tax Mistakes?

The world of taxes is one big minefield to navigate. Unless you spend most of your waking hours studying it as Enrolled Agents do, you probably won’t know all the tips and tricks to lower your tax bill – legally. There are also tax savings to be had if you are “in the know.” Don’t get tripped up… find out about these four tax mistakes that can impact your wallet. #1 – Not Using Your Tax-Favored Accounts to the Max These days there [...]

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How Does the Tax Cuts & Jobs Act Affect Small Businesses? Part Two: Your Deductions

In part one of this three-part series, we looked at changes to the income tax rates and brackets. Income is only a piece of the tax puzzle, however. The next part to examine would be your deductions. With the Tax Cuts & Jobs Act, there are several new tax laws impacting your deductions.   New 20% Pass-Through Deduction This is a brand new deduction on qualified business income (QBI) for pass-through businesses – sole proprietors, partnerships, limited liability corporations (LLCs) and S corporations. This [...]

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Top Five TCJA Tax Planning Opportunities for Individuals, SFS Tax, SFS Tax Accounting, Planning, Planner

Top Five Tax Cuts and Jobs Act Tax Planning Opportunities for Individuals in 2018

Since folks have not filed a 2018 tax return, the new tax law passed late last year is largely a mystery to many. Here are the top five opportunities that you may be unaware of. Take advantage of these insights to maximize your refund and minimize your tax debt. #5 — Itemized deductions versus the standard deduction The Tax Cuts and Jobs Act roughly doubles the standard deduction. This means that for 2018, joint filers can enjoy a standard deduction of [...]

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Attention Truckers: Tax Deadline Directly Ahead

Look out! We’re down to just five days to file Form 2290 (also known as the Heavy Highway Vehicle Use Tax Return). The IRS is expecting a fleet of 800,000 tax returns to be submitted during the filing season, which runs from July 1 to August 31, 2018. What is the Heavy Highway Vehicle Use Tax? This is an annual tax on heavy highway vehicles paid by truck owners and operators. It applies to vehicles with a taxable gross weight [...]

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