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Estate Tax Planning Tips for Single People

Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift … Continued

The IRS Tells Employers How to Report W-2 Scams

The IRS is explaining, in a recent release, what employers should do if they become the victim of a W-2 scam. Background Information Any employer could become the target of a W-2 scam. In recent years, these scams have become one of the more dangerous e-mail crimes involving tax administration. The e-mails appear to be … Continued

Year-end tax and financial to-do list for individuals

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or … Continued

Business Podcasts for Entrepreneurship

In 2014, podcasts have resurfaced as a fantastic learning and marketing tool. Podcasts allow experts to bring a variety of ideas and perspectives to the table – plus their format makes them easy to produce and listen to. Reading this CAD U37 USB Studio Condenser Recording Microphone Review and purchasing a good microphone is important … Continued

2019 Q1 tax calendar: Key deadlines for businesses and other employers

2019 Q1 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all … Continued

Are You Eligible for the New Dependent Credit and HOH Filing Status?

The IRS continues to publish guidance to clarify provisions of the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about qualifying for the new $500 tax credit for dependents and beneficial head of household (HOH) filing status based on having a non-qualifying-child dependent. New Non-Qualifying-Child Dependent Credit For 2018 through 2025, … Continued

The Minimum Wage Is Going Up in Many Places on January 1

On January 1, 2019, many states and localities are increasing their minimum wage amounts. In some areas, the amounts paid to tipped employees is also increasing and garnishment limits may also be changing. This chart briefly details the changes that will kick in on New Year’s Day. For more information about your situation, consult with … Continued

4 Year-End Strategies to Lower Your Personal Tax Bill

  The countdown to year end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax laws that will affect virtually all individual taxpayers — and most of those changes went into effect for this tax year. Here are … Continued

Does prepaying property taxes make sense anymore?

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But … Continued

Business News Quarterly – Q4 – 2018

New Rules for Submission of 1099 Forms Rules and deadlines for filing 1099 forms are constantly revised and it’s important for tax professionals to stay on top of the changes. News IRS rules for submitting late 1099-MISC with Box 7 Starting in January 2019, the IRS will institute new rules regarding how to submit 1099-MISC … Continued