Tag - taxes

1099? – February 15 2018

Hello Taxpayers! Over the past week or so, several new clients have come in. Each handed me ONE 1099-MISC. This form showed an amount in Box 7 (“Non-employee Compensation”), which indicates that they were treated as independent contractors and not employees. So before I went through my litany of questions such as what type of expenses they had, I confirmed with them that they only worked for this one company as they gave me just ONE 1099. It is apparent [...]

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Patriots & Ram’s, Oh My!- January 25, 2019

Howdy folks, Ali is home-bound and recovering. She saw her doctor on Tuesday for a post-op, and all is going according to plan. Man-Servant Jeff is doing what he can to make her a little more comfortable, but stubborn Ali still has to do things on her own and not rest (except after taking a pain pill, then nighty-night). The Super Bowl participants are set. The Patriots won in OT over the Chiefs. I hate to say it but, The GOAT, [...]

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6 Ways to Get Your Tax Refund Faster

6 Ways to Get Your Tax Refund Faster As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the funds needed to pay your tax bill. Meanwhile, here are things you can do now to get [...]

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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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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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Do I Have to Pay Estimated Taxes?

Who Must Pay Estimated Taxes Do I have to pay estimated taxes? This is a normal question to ask, but it is important especially if you’ve made any changes in your profession. The Estimated Tax Rules Apply to: U.S. citizens and resident aliens; Residents of Puerto Rico, the U.S. Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa; and Nonresident aliens General Rules In most cases, you must pay estimated tax for 2018 if both of the following apply. You expect to [...]

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Tax Breaks with an IRA

Tax Breaks with an IRA What is an IRA? Individual Retirement Arrangements – aka IRAs – are accounts into which someone can deposit money to provide financial security when they retire. Why would a taxpayer consider having one? Well, here’s what especially peaks our interest: different IRA’s offer different tax breaks. How Do I Get One? A taxpayer can set up an IRA with a: Bank or other financial institution Life insurance company Mutual fund Stockbroker COMMON TERMS Traditional IRA: A traditional IRA is an individual retirement account that offers advantages to taxpayers. [...]

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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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