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Tax reform brought significant changes to itemized deductions
Tax law changes in the Tax Cuts and Jobs Act affect almost everyone who itemized deductions on tax returns they filed in previous years.. One of these changes is that TCJA nearly doubled the standard deduction for most taxpayers. This means that many individuals may find it more beneficial to take the standard deduction. However,…
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Should I get my “Keep Copies” of my Tax Returns by Mail or Portal?
Those big bright red envelopes have been a part of your life for a lot of years, and we still offer them. In fact, I just ordered another $1,000 worth of those big red envelopes to ensure that we don’t run out before the tax filing deadline this year. Personally, I love them. But I…
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Splitting Hairs with the Foreign Earned Income Exclusion
There were a lot of tax law changes for 2018. One big change for Alabama residents is the fact that the State of Alabama now recognizes the federal Form 2555 Foreign Earned Income Exclusion whereby you can exclude up to $104,000 of income from tax. In order to qualify for the exclusion however, you must…
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Do you feel like you came out worse under the Trump Tax Plan?
Let’s take a look at a real-life example of a couple who went from a refund of $2,248 in 2017 to owing $1,326 in 2018. This married couple has income of $150,000 and one college-age child as a dependent. Married couple with one college-age child 2018 2017 Diff Income 151,038 150,117 921 Standard Deduction (24,000)…
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My Regular Sunday Afternoon Tax-Season Update
We’ve prepared and filed 1,190 tax returns through yesterday! I’m a little late getting this post out because I finally made it to Walmart to get a hair cut this afternoon. When I got home, my dogs begged me to come outside with them, and the weather was nice so I spent some time outdoors…
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Penalty Relief for Missing Negative Tax Basis Capital Account Information
Notice 2019-20 provides penalty relief under sections 6722 (failure to furnish correct payee statements); 6698 (failure to file partnership return); section 6038(b) and (c) (failure to furnish information with respect to certain partnerships) of the Internal Revenue Code (Code); and any other section of the Code for filing or furnishing Schedules K-1 or other forms…
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IRS warns of new phone scam using Taxpayer Advocate Service numbers
WASHINGTON — The Internal Revenue Service today warned the public about a new twist on the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service (TAS), an independent organization within the IRS. Similar to other IRS impersonation scams, thieves make unsolicited phone calls to their intended victims fraudulently claiming to be…
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Estimated Tax Payments
Taxpayers who pay quarterly estimated tax payments may need to revisit the amount they pay with their advisor. The Tax Cuts and Jobs Act changed the way we calculate most taxpayers’ tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. As a result of…
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Google My Business
For the month of February 2019, Google says 2,006 people found us. 72 asked for directions 157 called us 121 visited our website and we have a 5 Star Rating!
