Tag - Jeffrey Schneider

What is the Earned Income Tax Credit? Do I Qualify?

What is the Earned Income Tax Credit? Do I Qualify? The Earned Income Tax Credit (EIC or EITC) is a refundable credit for workers who earn low or moderate incomes. This credit is meant to supplement the income you have earned through working, whether for yourself or for someone else. As a result, if you qualify for the Earned Income Tax Credit, you can reduce your taxes and increase your tax refund. The EITC allows more working people and their families [...]

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Tax Breaks for the Military Family

Tax Breaks for the Military Family There are certain tax breaks available to members of the U.S. military and their dependents: Sale of principal residence A taxpayer on qualified official extended duty in the U.S. Armed Services or the Foreign Service may suspend for up to 10 years of such duty time the running of the 5-year ownership-and-use period before the sale of a residence. This election applies to one property at a time. To qualify, a taxpayer must meet the following criteria [...]

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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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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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Wirker clocking out at the end of a shift

Do a Paycheck Checkup and See If You Are Taking Home Too Much Money

The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup and see if you are taking home too much money 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 singles, $18,000 for heads of [...]

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Jeffrey Schneider, EA, CTRS, NTPIF

Tax Cuts and Jobs Act of 2017 and What You Need to Know

Yep, it’s Monday and not Thursday but last week was a busy one and I wanted to share this information about the Tax Cuts and Jobs Act of 2017 and What You Need to Know with you today. What do I do when I am not in the office? A week ago, I was a presenter for the Florida Society of Enrolled Agents’ Annual January Education Events in Deerfield Beach and Lakeland. I was in the office for 1½ days in between. I [...]

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