If you watch the news, you know that Congress passed a major tax reform bill several months ago that could alter your situation for the 2018 tax year. The Tax Cuts and Jobs Act is over 500 pages and 72,000 plus words long. In this blog, we will work to break down two significant changes.
Tags: Tax Return, Tax Deductions, Tax Help, Tax Law, Tax Cuts and Jobs Act
As a tax resolution and accounting firm, we get a lot of different questions about filing your federal tax return, the difference in deductions and credits and how to file when you’re married. Sometimes the answer depends on your situation and what types of income you have, while others are standard across the board answers. Here are some of our most frequently asked questions and their answers.
Tags: Tax Help
If you owe the IRS, you are at risk of liens being filed against you and your property. Liens can affect your credit score and your ability to refinance your home. The good news is there are options to try and prevent liens from being filed. The key is to take action now and show the IRS you are trying to settle your tax debt.
Since the Tax Cuts and Jobs Act passed earlier this year, we have been continually asked about what recent Tax Court rulings we’ve seen because of this. The truth is, we have not seen any tax court rulings affected by it yet. Because the changes will not set in until January 1, 2019, all current tax court cases are not affected by it.
Tags: Tax Return, Tax, audit help, Audit, Tax Help, Tax Law, Tax Cuts and Jobs Act, Tax Court
Did you miss the April tax filing deadline? If you haven’t filed your 2017 federal tax return and you will likely owe for last year, it’s important that you file your individual tax return and pay the taxes you owe by June 14th, or you will likely face a higher late-filing penalty.
Tags: Tax Return, Tax, tax extension, Tax Help, Tax Law
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If you’re a small business owner, chances are you’ve been researching and looking at the new tax law to see how it could affect you. Depending on how you are structured, there are a few changes that will apply to you, and it’s important that you pay attention to your business structure, because that can mean more or less taxes.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law, Tax Cuts and Jobs Act
We often get calls and emails about the different notices taxpayers can get from the IRS. The notices can be confusing due to the different terms on the notices that the average tax payer may not understand. There are several different types of letters you can get from the IRS and each notice could be for something different and some may need immediate action while others don’t. You can learn more about the different notices here. The notice we are going to talk about today is the Collections Due Process Hearing notice.
As the 2017 tax deadline has come and gone, you may be wondering how the new tax law for 2018 might affect you. The Tax Cuts and Jobs Act has an affect on many of your tax deductions. One of the many changes has to do with the standard deduction you take each year.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law
Time is running out for taxpayers to disclose offshore financial assets to the IRS. The IRS is ending its Offshore Voluntary Disclosure Program (OVDP). The IRS will officially end the program on September 28th, giving taxpayers a little over four months to come forward with previously undisclosed foreign financial assets.
Tags: Tax Help