Blog

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 [...]

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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 [...]

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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 [...]

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You’ve Asked, We’re Answering: Crypto Tax

You’ve Asked, We’re Answering: Crypto Tax Is Crypto to Crypto Taxable? Crypto income is taxed differently. It mostly depends whether you’re buying and selling coins or mining them. All crypto income falls into two categories: capital gains tax and income. However, it is possible to occupy both. Do I Pay Taxes on Virtual Currency? Yes… and it is taxed at different rates whether you sold or spent your crypto. If you kept your cryptocurrency for over a year before doing anything with it, you pay a “long-term” [...]

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9 Tax Deductions Every Real Estate Agent Should Know

9 Tax Deductions Every Real Estate Agent Should Know Tax season is coming up soon, and if you’re a real estate agent, you should learn how to maximize your deductions. Many have a variety of expenses, and being able to identify which expenses you can use as deductions is critical to helping you keep more of your hard-earned dollars. This is important knowledge whether or not you already have an enrolled agent on hand. Understanding which expenses are allowed will help [...]

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Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line

Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line The Tax Cuts and Jobs Act impacts several programs. This includes changes to fringe benefits, which can affect an employer’s bottom line and its employees’ deductions. We’ve decided to explain how the changes will affect employers: Entertainment Expenses & Deduction for Meals The new law generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. With this in mind, nightclubs, cocktail lounges, theaters, [...]

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Helping Taxpayers Understand Different Filing Statuses

Helping Taxpayers Understand Different Filing Statuses   Getting ready for tax return season, but unsure of how to file? Married? How do you know whether or not to file jointly or separately? Taxpayers don’t typically think about their filing status until they file their taxes. However, your status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which one they should use. It’s important a taxpayer uses the right filing status [...]

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Salvage Your Sunken Uncollectable Debt

Salvage Your Sunken Uncollectible Debt Victims of reneged payment agreements might have a tax deduction Let’s face it – it’s always frustrating not being paid what is owed to you. The IRS has created a system for you that may help with debts and help you salvage some of what’s owed. If it’s clear that the debt is not going to be paid, then you may be able to recoup some of the lost money as a tax deduction. The IRS [...]

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Small Businesses: Tax Tips for the Freelancer

Small Business: Tax Tips for the Freelancer If you are an employee, you most likely pay little attention to your taxes until the end of the year. You get your paycheck, your employer does a lot of the work for you and you receive a W2. However, if you are a freelancer or self-employed, the responsibility of paying your taxes rests solely upon your shoulders. There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier to [...]

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IRS Extends Deadlines for Victims of Hurricane Michael

IRS Extends Deadlines for Victims of Hurricane Michael Hurricane Michael victims in parts of Florida and elsewhere now have until Feb. 28 to file certain individual and business returns and make certain tax payments. Individuals who reside or have a business in Bay, Franklin, Gulf, Taylor and Wakulla Counties may qualify for tax relief. Taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same relief. If you need assistance, contact your enrolled [...]

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