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Now that tax season is in full swing, many workers will no doubt be scrambling to get their returns done. That also includes the self-employed. While filing taxes as a salaried employee often means copying down a number from a W-2 and calling it a day, there’s often a whole set... Read more

Tax filing fraud could reach an all-time high this year, as a result of last year’s Equifax data breach. Millions of names, addresses and Social Security numbers may be compromised, and an identity thief armed with your personal information can file a tax return in your name, and collect a... Read more

Are you taking all the tax breaks you’re entitled to? CPAs say you might be able to reduce your tax bill by taking advantage of the many exemptions, deductions, and credits built into the tax code. (Tax Preparation Help: Are You Getting All The Tax Breaks You Deserve?) Tax exemptions,... Read more

Minimizing taxes may be the difference between a profitable business and one that is just getting by. You all are probably thinking: “I don’t have extra time do deal with taxes.” Here are seven ways you can tame the stress of small business taxes and hopefully put a little (or a lot)... Read more

While it can be tempting to splurge money on something, saving some of it could be a smarter move over the long run. Here some ways that taxpayers with a household income of less than $75,000 can put that refund to good use. 1. Build up your rainy day fund... Read more

With tax penalties in place that could be as much as 5% a month, filing your taxes late as a business owner can be costly. To make sure you meet the tax deadline this year and every year going forward, you need to stay organized and spend the time it takes to... Read more

In case you weren’t aware, this year’s tax filing deadline is rapidly approaching. You have until April 17 to submit your 2017 return. If you’ve been procrastinating, it’s time to get moving. Here are some tips to help from experienced pros: 1. Decide whether you’ll be itemizing Though itemizing on a tax... Read more

Tuesday is Tax Day, the last day to file income taxes for the 2017 income tax season. The old tax code was replaced by the tax cut legislation passed by Congressional Republicans late last year. This seems like a good opportunity to reiterate the tax changes for the country’s 29... Read more

Any new year means more than new diets, gym memberships and other fresh beginnings. It also signals another tax-filing season is knocking. The Internal Revenue Service will begin accepting 2017 tax returns on Jan. 29. The filing deadline this year is April 17 (rather than the typical April 15 due date). And... Read more

The Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017. It’s being put into action starting with the 2018 tax year. On the business side of things, the tax bill lowers the corporate tax rate from 35 to 21 percent. This is the lowest rate since 1939. For... Read more

Taxes are hard and stressful enough to do without making avoidable errors. Before clients file, they should double check to make sure they don’t make the following tax errors. We often hand out this checklist to clients to avoid mistakes in advance. Not signing the return (if you file paper... Read more

For the last three years or so, the IRS has given a name to the most common and dirty schemes to cheat either taxpayers or the nation’s treasury. They are called the “The Dirty Dozen.” This year, half the dozen are scams by third parties that attempt to rip off... Read more

If you are a parent, you can lower your tax burden significantly. Eight different tax credits and deductions are out there that can help lower your tax burden:   Dependents In most cases, a child can be claimed as a dependent in the year they were born. Be sure as... Read more

What do you know about president-elect Donald Trump’s tax plan? For starters, he has proposed the largest tax cuts since Ronald Reagan. If Trump were to get everything he has proposed from a Republican-controlled Congress, a taxpayer who makes between $48,000 to $83,000 a year would save about $1,000 under... Read more

The IRS has announced the launch of a new online tool to help taxpayers. This new IRS.gov tool allows taxpayers to view their tax account balance online. The balance includes any amount owed for tax, as well as penalties and interest for each tax year. Once you look at your balance, you... Read more

As the end of the year gets closer, unfortunately it’s time to think about taxes and make some moves. The tax season may seem far off, but this is the time of year to get the ball rolling. Let’s look at some easy steps to take that could help you... Read more

The goal of any tax policy should be pretty simple: raise the required revenue to pay for whatever government actually—minimally—needs to do. And the government should do those things as fairly and neutrally as possible. What do the new tax plan changes propose to do and what kind of trends... Read more

Are you stressed about your business taxes and looking for a tax consultant? You are not alone. Tax season stress doesn’t have to be an annual occurrence. Here are some of the causes of the stress and the things you can do to cure your tax preparation stress: MONEY =... Read more

With the tax filing deadline soon, many people are already scrambling to gather their paperwork and get their returns in before it’s too late. Here are some last minute tax expert advice for those of you filing your taxes. This tax expert advice from a certified public accountant can reduce... Read more

Here are three deductions which could be considered “the holy grail” of deductions. That is, they can greatly reduce your adjusted gross income. 1. Contributing to a traditional IRA One of the best ways to reward yourself now — and later — is by contributing to a traditional IRA. A... Read more

Getting married changes your tax status. Being aware of a few key things can help you avoid trouble come tax time. If you and your partner were married anytime in 2016, the IRS considers you to be married for the full year, so you both should adjust your tax withholding with... Read more

The Internal Revenue Service is letting tax professionals and taxpayers know about a new scam involving fake CP2000 notices that are being sent to unsuspecting taxpayers, billing them for unpaid taxes related to the Affordable Care Act. The IRS is issuing the alert in conjunction with its partners in the... Read more

The IRS is developing a “Future State” plan that it says will transform the way the service interacts with taxpayers. Many parts of the plan may ease the processing of filing returns, the issuing of refunds, and the identification and resolution of problems. But the Tax Advocate Service – an independent... Read more

Self-employed workers may have difficulty filing their taxes every year. These workers need to pay taxes on their income in addition to whatever self-employment taxes they might have. However, there are many self-employed tax tips that can help them reduce their tax burdens. Whether workers are fully self-employed or doing... Read more