Has it been a few years since your favorite NFL team made it to the Super Bowl? New research says it could be due to your state’s taxes. The recent tax overhaul, The Tax Cuts & Jobs Act, made several changes that negatively affect players who reside in states with a high personal income tax or high property tax. The Tax Cuts & Jobs Act eliminated or limited several deductions, including limiting the deduction available for state and local taxes.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law, Tax Cuts and Jobs Act, Sales Tax, NFL
Check out just a few of the FANTASTIC results achieved for our clients last month! This months closed case round up features a contractor whose severe health problems led to a large tax debt, plus a client who tried to resolve their tax issues on their own and ended up coming back to us for help.
Tags: Tax Return, Tax, Tax Deductions, audit help, Audit, levy, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, CDP, Tax Scams, Liens, Tax Court, Sales Tax, Student Loans, Tax Levy, Tax Lien, IRS Tax Lien
With the personal deadline passing I find a majority of people have questions on why their filing status matters. We have found that Married Filing Separately (MFS) is one of the most misunderstood filing statuses. There are many legal and personal reasons why you might choose to file separately. However, the IRS prefers you to file Married Filing Joint (MFJ) and shows preference to this by allowing certain credits only when MFJ. These include the Earned Income Credit, education credits (AOC and LLC), full child credit, dependent care credit, and the adoption credit (on the year adoption took place). They also allow MFS to amend to MFJ within the allowed amendment period. But if you filed MFJ and afterwards decided to amend to MFS, if it is past the April deadline it is not allowed.
Tags: Tax Return, Tax, Tax Deductions, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, Wedding
There is nothing scarier than going to your mailbox and seeing a notice of the IRS’s intent to levy you. Owing taxes can be scary enough, but when you add in the stress of being levied or having a lien placed on your property, it can be too much. If you have received notices from the IRS or you have been talking about possible problems with your taxes, you may have come across the terms Tax Levy and Tax Lien. The two are types of collection action used by the IRS to collect on an unpaid tax debt. They have some similarities and they both have stark differences you need to be aware of.
Tags: Tax Return, Tax, Tax Deductions, levy, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, CDP, Liens, Tax Court, Tax Levy, Tax Lien, IRS Tax Lien
The IRS is giving businesses back a break they thought they had lost due to the Tax Cuts and Jobs Act. The agency announced that companies can still deduct 50% of meals while entertaining clients and customers. The announcement cleared up confusion about whether the tax law changes had completely eliminated the benefit of writing off taking clients out to a meal.
Tags: Tax Return, Tax, Tax Deductions, audit help, Audit, levy, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act
Do you provide paid family or medical leave to your employees? Have you thought about it? If you don’t, now would be a great time to start! The IRS has announced that eligible employers who provide family and medical leave may qualify for a new business tax credit for years 2018 and 2019!
Tags: Tax Return, Tax Deductions, Audit, Tax Help, Tax Law, Tax Cuts and Jobs Act, Tax Court
The Tax Cuts and Jobs Act created hundreds of changes to the U.S. tax code and will affect every taxpayer in America. The changes range from eliminating or lowering exemptions and special tax credits to increasing the standard deduction. The new tax law also re-did the tax brackets and changed the tax rates for some people and businesses. One of the changes most people don’t know about is the 20% Qualified Business Income Deduction. This is a provision meant to benefit businesses with pass through income and is effective from 2018 until 2025.
Tags: Tax Return, Tax, Tax Deductions, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, Tax Court
Do you owe more in taxes this year than you anticipated? If you are unable to pay your balance in full by the tax deadline, it can be a very stressful and scary feeling. You wonder if the IRS will seize your bank account or your home. The good news is that there are options out there for you! The IRS has different payment plans and options for taxpayers depending on your income and your financial situation. The important thing is to be proactive and trying to find a payment arrangement with the IRS as soon as possible. The IRS can penalize you if you do not pay your taxes by issuing a failure to pay penalty.
Tags: Tax Return, Tax Deductions, audit help, Audit, levy, Tax Help, Tax Law, Tax Cuts and Jobs Act, CDP, Tax Scams, Tax Court
A question we often get from clients is what receipts should they be saving throughout the year, so they can write off those expenses off on their taxes. There are lots of ways to try and reduce the amount of tax due on your return at the end of the year, one of them being through deducting expenses you have throughout the year. It’s important to remember that not all of your expenses are deductible on your tax return. Knowing which receipts to save and which to throw away can help you maximize your tax refund or lower your tax liability and minimize the amount of paper you must keep for your tax return each year. A good first place to start looking is at bills you’ve already paid and purchases you have already made this year.
Tags: Tax Return, Tax Deductions, Tax Help, Tax Law
So you filed your tax return and you later realize that you made a mistake!! If you made a mistake on your tax return after you filed it, the IRS will allow you to prepare and file an amended return to fix the errors in the originally filed return. A lot of taxpayers tend to choose the wrong filing status or notice mathematical errors on their returns. It’s important that if you do realize you made a mistake on your federal tax return, that you file an amended return as soon as possible.
Tags: Tax Return, Tax, Tax Deductions, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act