Hello my friends. By the time you see this, Ali and I will be starting the last day of our cruise. Then it will be on to San Fransisco, a city that I have never visited. I am looking forward to visiting the Wharf, Chinatown and riding the trolley I usually try not to get tax technical in these emails. But I would be remiss if I do not tell you something that you or someone you may know may find interesting....
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 income;...
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 that’s...
Hello, fellow taxpayers, Tax season 2018 is finally over!! (with the deadline for the extended returns being this past Monday, October 15th.) I have about 10-15 current year returns to be finished (not including late prior years), but I am still waiting for lots of missing (and requested) information. If you are a procrastinator and are expecting a refund on the late return, penalties or interest for late filing or paying will not be assessed. However, if you are one of the...
Organizing Your Tax Documents Having a small business and filing your taxes is a whole lot different from filing personal taxes – and honestly, it’s not a walk in the park, especially if you’ve never done it before. Because this isn’t something we have to do every day, it’s easy to overlook and wind up 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...
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 time...
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...
Hi Folks, As I am 40,212 feet, just north of Savannah Georgia, traveling home from Bow, Washington, through Seattle with a stop in New York City (JFK Airport to be exact) before landing in Orlando, then driving home (all after sitting in the Seattle airport for 6.5 hours waiting to catch a red-eye), I realized that I did not write my weekly email. I humbly apologize, pilgrims, as I know how you hold your breath waiting for the words of wisdom from...
All About Tips (The Kind You Give at Restaurants). An SFS Tax & Accounting Services Blog. This shouldn’t be news to anyone, but who are we to judge? It’s worth repeating: The money that you receive in tips is taxable. If you receive $20 or more a month in tips, you need to report them. You must pay tips on all income received during the year, including tips given to you from customers, tips written in on credit card slips, and the tips you...
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...
