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IRS provides tax inflation adjustments for tax year 2019
The Internal Revenue Service has announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax year 2019 adjustments generally are used on tax returns filed in 2020. The tax items for tax year 2019 of greatest interest to most taxpayers…
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New Tax Law allows Small Businesses to expense more, expands Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. Greg Cook, EA, CPA of Cook and Company Tax Advisors today reminded small business taxpayers that changes to the tax law mean they can immediately expense…
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We will be Closed Wednesday and Thursday for Thanksgiving
We will be closed November 21st and 22nd for Thanksgiving and will reopen Monday November 26.
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IRS issues final regulations, expanding paid preparer due diligence requirement to head of household filers
The Treasury Department and the Internal Revenue Service today issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status. The final regulations, available in the Federal Register, implement a provision included in the Tax Cuts and Jobs Act (TCJA), the tax…
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Here’s how the new tax law revised family tax credits
The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500…
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Here’s how tax reform changed accounting methods for small businesses
The Tax Cuts and Jobs Act – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer that has average annual gross receipts of $25 million or less for the three prior tax years and…
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IRS boosts contribution limits for retirement accounts in 2019
The IRS on Thursday released new contribution limits for employees who participate in 401(k) plans in 2019. The new number for those using pre-tax funds will be $19,000 in 2019, up from $18,500 in 2018. That limit will also applies to 403(b), Thrift Savings and most 457 plans. In 2019, you will be able to…
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Several tax law changes may affect bottom line of many business owners
Cook and Company reminds business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, Cook & Co. Tax Advisors is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect…
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Reminder: Today is the filing deadline for people with extensions
Anyone who requested an extension of time to file their 2017 tax return must file today. Taxpayers filing today who also owe should pay as much as possible to reduce interest and penalties.
