Video Tips: Collect Your 2019 Tax Refund Before The Deadline
It’s not too late for the 1.5 million taxpayers with unclaimed 2019 refunds to claim their cash, but they need to file soon. Taxpayers usually have three years from the original due date of the return, generally April 15, to file and claim their tax refunds. Due to the COVID-19 pandemic, IRS postponed the due […]
Procrastinating on Filing Your Taxes?
Article Highlights: Late filing penalties Interest Three-year statute of limitations Forfeited refunds If you have been procrastinating about filing your 2022 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior year […]
Have You Gotten Bad Tax Advice?
Article Highlights: Divorce or Separation Agreements Can Specify Who Claims a Child. If You Pay Child Support, You Claim the Child as a Dependent. Avoiding Payroll Taxes by Treating an Employee’s Compensation as a Gift. Only Medical Expenses for Taxpayer, Spouse, and Dependents Are Deductible. Donation of the Use of a Time-Share Week Is a […]
July 2023 Individual Due Dates
July 3 – Time for a Mid-Year Tax Check Up Time to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips […]
Have a Financial Interest in or Signature Authority over a Foreign Financial Account? Better Read This!
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Video Tips: You Might Consider a Health Savings Account
Tax-favored health savings accounts (HSAs) can only be established by eligible individuals who are covered by a high-deductible health plan (HDHP) and not covered under any other health plan which is not an HDHP, unless the other coverage is permitted insurance or coverage for accidents, disability, dental care, vision care, or long-term care. Eligible individuals […]
When are Meals & Entertainment Expenses 100% Deductible?
When are Meals & Entertainment Expenses 100% Deductible? Taking out customers, vendors or potential employees for a meal and some entertainment is a great way to build your business. In addition, meals and entertainment for business purposes are legitimate business tax deductions but there are limits on what you can deduct. Taking these deductions for […]
What’s Best, FSA or HSA?
Article Highlights: Employer Medical Fringe Benefits. Flexible Spending Account (FSA). FSA Annual Contribution Limits. FSA Limited Annual Carryover Provisions. Health Savings Account (HSA). HSA Qualifications. High Deductible Insurance. HSA as a Retirement Vehicle. Comparison Table. Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both plans […]
October 15 Extension Due Date Rapidly Approaching
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Tax Changes Coming After 2025
Article Highlights: Standard Deductions Personal & Dependent Exemptions Child Tax Credit Home Mortgage Interest Limitations Tier 2 Miscellaneous Deductions Phaseout of Itemize Deductions SALT Limits Moving Deduction Commuting Tax Benefits Personal Casualty Losses Estate Tax Exclusion Tax Brackets Alternative Minimum Tax (AMT) Qualified Business Income (QBI) Deduction By now you have probably gotten used to […]