The IRS said that the limit on elective deferral contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan will increase from $18,500 in 2018 to $19,000 in 2019. However, the catch-up contribution limit for those 50 and older remains $6,000 (Notice 2018-83). Most other inflation-adjusted amounts related to… Read More

The IRS issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction made by the tax law known as the Tax Cuts and Jobs Act (TCJA). According to the IRS, the amendments… Read More

Whether you’re driving for Uber or Lyft in your free time, doing some freelance work on the side or starting your own photography business, being self-employed or working a side gig can be an exciting opportunity full of independence, self-determination and new challenges. The self-employment tax (15.3%) must be paid by self-employed individuals. The Social Security tax… Read More

Making side income is easier than ever now with jobs ranging anywhere from ridesharing to delivery services. What a lot of these sites fail to inform you, is the tax implications that come from the additional income. Here are five tips to help you stay on top of your side hustle taxes:   Business or… Read More

If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive. 1. Understand your cash flow. One of the biggest causes of business failure is lack of positive cash flow. At the end… Read More

Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud seriously, they also understand that mistakes happen. Here is what you need… Read More

You’ve done your retirement homework. Your assets are reviewed, you know your financial needs, and your retirement tax plan is in place. Are you ready to enjoy retirement? Probably, but not without a plan to address what happens to many after they retire — boredom. Here are some ideas. Go to school. Many colleges and communities… Read More

Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started. Assess your income. Begin by determining how your income this year will compare to last year. Then apply any tax implications this income change may cause.… Read More

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