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Taxes for Business Owners Are More Complicated Than Ever

Even the experts are having trouble navigating the effects of the tax reform. Find out how small-business owners can keep their bearings. The first tax season where taxpayers will experience the full effect of the Tax Cuts and Jobs Act is here, and soon the economic results will be scrutinized. Business owners were a central demographic component […]

IRS expands relief from underpayment penalty

The IRS announced on Friday that it is amending Notice 2019-11 to lower the amount of tax that an individual must have paid in 2018 to avoid the underpayment of estimated income tax penalty to 80% (Notice 2019-25). The change was made after concerns were raised that the earlier relief, which lowered the underpayment penalty […]

IRS’s Dirty Dozen scams

As it has done for several years now, the IRS issued an updated list of “Dirty Dozen” tax scams for 2019. For the third year in a row one of the biggest scams is phishing attempts. Phone scams also figure prominently, with criminals making threatening phone calls to innocent taxpayers. Here are the 2019 Dirty […]

How to avoid tax scams this year

As tax season rolls on, scams are picking up, hurting last-minute filers. And Microsoft is offering advice to help steer clear of them. In February, there was an average of 300,000 phishing attempts per day across Microsoft’s browsers, the company said in an advisory. The company’s security experts expect these scams to grow as tax day approaches. […]

11 Common Tax Mistakes That You Need To Avoid

Filing taxes can be stressful and confusing.  This year specifically seems to be throwing people for a loop. Many taxpayers who have been counting on large tax refunds are getting whacked with staggering tax bills. While it may be tempting to rush to try and complete the onerous task of filing taxes as quickly as possible, take […]

Don’t Mess with the Tax Write-Off for New Equipment

New capital investment is one of the major ways that innovation reaches the marketplace. A new study from a non-partisan research group on the economic impact of bonus depreciation for investment in machinery and equipment has been getting attention because of its conclusion that the incentive is not only wasteful, but harmful. In reality, nothing could be further from […]

Businesses: File on Time or Pay the Price!

March 15 is the tax-filing due date for calendar year S-corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty. The penalty The penalty is calculated based on each partial month the tax return is late multiplied by each shareholder or […]

Hints to Eliminate Monthly Bill Creep

Paying bills is inevitable, but paying too much is not. Are you aware of all the services you are paying for every month? Here are some tips to help you get a handle on your recurring monthly expenses: Investigate your recurring services. Start by taking stock of every service you are currently using. Review your bank […]

Oh No! Your Tax Refund is Now a Bill

If you are anticipating a nice refund this year, it may be a good idea to prepare yourself for a possible letdown. Many taxpayers will receive a smaller-than-expected refund and might even owe taxes to be paid by April 15. If this happens to you, here are some of the likely reasons:   Higher take-home […]

Simple Steps to Make Your Charitable Donation Go Further

These days, we all want our money to go further and charitable donations are no exception. Yet sometimes, even well-intentioned gifts may end up going to a poorly run charity or the charity does not receive the full benefit of your gift. Here are some steps to ensure that your donation makes the biggest impact: […]