The IRS can process e-file returns faster and with fewer errors. This means quicker refunds and less contact with the IRS. Who doesn’t like that? IRS e-file provides proof of receipt within 24-48 hours of sending the return to the IRS. Individual and business clients can e-file a balance due return and schedule an electronic funds transfer (EFT) from their account for any date.
Tax season is here, baseball training is in full swing, hockey season is moving along, and March Madness is upon us. To me, this means our Halt, Buzas and Powell Spring Non-profit symposium is around the corner.
Read More »
Contribute to 529 plans, it’s never too early or too late to start putting money away for a child’s college education. It will be here sooner than you think and likely more expensive than you were planning on! 529 contributions are not limited just to parents; this is for grandparents, aunts, uncles or anyone with interest in helping provide the means necessary for a child’s higher education.
Taxpayers are constantly searching for ways to reduce their income tax liability. One common way is people trying to establish residency in a state with no income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming) or limited tax only on certain investment income (New Hampshire and Tennessee). There are many common misconceptions about what it takes to establish residency in one of these states for tax purposes. Read More »
As you may be aware, major tax reform legislation has been signed into law this year and resulted in sweeping changes to the tax code for the first time in 30 years. Businesses should be aware of the provisions that have changed and plan now for how they affect you moving into 2018. Read More »
The 2018 tax reform legislation passed by Congress in late 2017 significantly changes the landscape for individuals for the coming years. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. Due to the elimination or limitation on itemized deductions, and the elimination of personal exemptions, a key consideration in planning for 2018 is to first look at ways to lower your taxable income. You should thus consider maximizing all pre-tax contribution opportunities such as your 401(k) and maximizing deductible IRA contributions.
With the 2017 tax filing deadline approaching, it’s never too early to start going through your documents and getting your paperwork in order. You are the one responsible for providing the necessary information to submit a return, regardless of whether you’re filing your own taxes or paying a tax preparer to do them for you. Read More »
We work hard for our money and it is important to keep as much of it is possible and spend it in the most effective ways possible. A health flex spending account (FSA) allows you to use pre-tax dollars to pay for out of pocket health care expenses that are not covered by insurance that you would normally have to pay for with out-of-pocket after-tax money.
In March 2015 the IRS joined state tax governments across the country and members of the tax industry to create the Security Summit. Through this effort, the Summit was organized to fight identity theft and make everyone aware of the theft risk guiding them to take steps to protect their tax data and identities. They have prepared safeguards for the 2018 tax filing season.