Seniors: Can you deduct Medicare premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify […]

States offer tax filing relief in wake of COVID-19 outbreak

As the impact of the coronavirus (COVID-19) continues to spread across the country, different states’ departments of revenue are offering various forms of tax relief, from extending tax filing deadlines to deferring sales tax. Legislative activity is moving quickly and changing daily. As of March 23, 2020, 39 states, along with various municipalities,  have issued […]

IRS Tax Tip: Common errors taxpayers should avoid

Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result in a processing delay, which can mean it takes more […]

Are you withholding enough? Now is a good time to check

Due to the massive changes in the Tax Cuts and Jobs Act, the 2019 filing season resulted in a few surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average […]

Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until […]

Securely retain tax documents for future needs

“Out with the old, in with the new” can be good advice when shedding bad habits, but not necessarily the wisest course to take when retaining important records. Maintaining tax documents and other financial records is important when preparing to file taxes or an amended return, or in the case of an IRS audit. We […]

Size of charitable deductions depends on many factors

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]

Updated Form W-4 and withholding calculator now available

The new version of Form W-4 and an updated withholding calculator to reflect the recent tax law are now available. The Tax Cuts and Jobs Act, which was signed into law in December, made major tax law changes for individuals, including changing tax rates and tax brackets. The IRS issued in January new withholding tables […]

Emerging tax scam takes new turn

Scam artists are now defrauding taxpayers by first putting money into their bank accounts – before taking it out. It sounds crazy, but it’s true. The IRS is reporting an increasing number of scams involving fraudulent tax refunds. The scam is multi-tiered with scam artists first obtaining their victims’ personal identity and bank account information […]

Employee or self-employed? It matters in the eyes of the tax law

Running your own business can feel like it takes more time than God created, and too often household tasks are sacrificed. Consequently, many people hire someone to help with various tasks, such as housecleaning, child care and yard work. While that may relieve the stress of completing those duties, it’s important to recognize the tax […]