Tag - tax

Q&A – June 14, 2019

Hello Taxpayers, As you read this, I am attending an event in Orlando. Many of you know that I travel for different things after tax season. This month, I am traveling three times; one for networking, one for education (next week) and one where I am teaching other Enrolled Agents, CPAs and lawyers on tax issues (the week after in Reno. Heck, someone has to do it). So as Willie Nelson sings, “On the Road Again.” You can see the [...]

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5 Tax Tips for the Self-Employed

Freelancers and independent contractors face unique challenges during tax season. Here are some quick tips to better manage the process and maximize your deductions. Ever feel a little lost during tax season as a self-employed taxpayer? Whether you did a few extra freelance gigs on the side or manage your own business, income tax filing can be overwhelming, especially if you haven’t done it before. Here are some quick tips to help you understand and better manage the process. The more [...]

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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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Back to Basics! – March 7, 2019

March 7, 2019 Back to Basics Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF is the head- honcho at SFS Tax & Accounting Services and has been preparing individual and business tax returns for over 40 years along with handling monthly booking, setting up entities, providing payroll and keeping his business clients compliant with state and federal taxes. As all business owners know, your business can easily wither on the vine if you don’t evolve and change with the times. Several years back, Jeffrey [...]

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8.4%?? – February 22, 2019

Hello fellow taxpayers 8.4%!!! What does this mean? If you have been listening to the news recently, all the pundits and the know-it-alls are telling anyone who will listen that the average taxpayer is getting 8.4% less on their refunds. Well, my fine fellow tax filers, it’s your own money. Let’s not forget that if you are getting a refund (not due to an extraordinary item), you paid too much. This money goes into the government war chest (or “wall” chest); [...]

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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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Fall is here! September 28, 2018

Hello, my fellow taxpayers, Now that it is officially Fall (actually, it began on the 21st), Autumn, or the Autumnal Equinox (“mid-autumn”) and if you are like me, you are wondering where the cooler weather is. Today, on the east coast, we reached the low 90’s while it feels like it is 100+ with the humidity. I was hoping to wear a “fallish” sports coat and suit for my two speaking engagements on the west coast of Florida this weekend. [...]

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IRC §199A- August 10th

   Hi, my friends,   I am still alive and kicking. Why do I say that? It is because I have been in the office all week and my staff has not murdered me, yet. Also, I have been moaning and groaning the last 18 hours as the IRS issued three documents of 184 pages, 14 pages, and two pages respectively related to an important part of the Tax Cut and Jobs Act, which was 11,000+ pages itself. This part called IRC §199A relates [...]

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Always a Deadline It's Not Just About April 17, SFS Tax and Accounting

It’s Not Just About April 17th: IRS Tax Deadlines Happen All Year Long

A lot of focus and attention is paid to April 15th (17th this year) as the big tax deadline. What many people don’t realize – and tax preparers are painfully aware of – is that there are tax deadlines all throughout the year. Individual Tax Deadlines The IRS expected 15 million people to file for an extension this year as reported by the New York Times on April 17. Are you one of them? If so, your 2017 tax return is due October [...]

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Top Five Tax Myths – and the Truth!

It doesn’t matter what your friend’s cousin’s co-worker said. When it comes to taxes, it’s best to get the word from a credible source. In 2016 the Washington Examiner reported there were 74,608 pages in the federal tax code. Some of these pages are the tax code itself. Some are written about the tax code and case law that are important to be aware of as well. Two years later, you can bet there are even more pages to contend with. So it’s [...]

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