New Tax Withholding Tables FAQ

The Internal Revenue Service recently released updates to income-tax withholding tables for 2018, reflecting changes made by the tax reform legislation enacted at the end of 2017. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law. IRS Withholding Tables Frequently Asked … [Read more...]

Do You Need Professional Tax Help?

Not sure if you need professional tax services? Answer yes or no to these questions to find out if you need professional help: Have you had a major life change this year? Think marriage, divorce, new baby or college. Did you buy or sell a home, or move to a new state this year? Did you receive investment income this year? Or did you lose money on investments? … [Read more...]

Nine Tax Tips for Charitable Contributions

Tips on Deducting Charitable Contributions If you are looking for a tax deduction, making a charitable contribution can be a ‘win-win’ situation. It’s good for the charity and good for you. Here are nine things you should know about deducting your charitable contributions from the IRS: You must donate to a qualified charity if you want to deduct the contribution. You … [Read more...]

IRS Raises Mileage Reimbursement Rates for 2018

WASHINGTON ― The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of … [Read more...]

Watch Out for a New Insurance Tax Form Scam

A NEW WARNING FROM THE IRS > > > WASHINGTON – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cyber-criminals currently are combining several tactics to create a complex scheme through which both tax professionals and taxpayers … [Read more...]

Flexible Spending Plans (FSA) Can Benefit Both Employees and Employers

Although the future of the Affordable Care Act (ACA) is still unclear, it’s likely that health insurance costs will continue to increase in the future regardless of the outcome. Business owners are finding that they are requiring greater employee contributions or needing to offer reduced coverage as costs increase. In addition, the ACA has made it more difficult for … [Read more...]

Tax Relief for Victims of Hurricane Harvey

WASHINGTON –– The IRS announced on Monday that Hurricane Harvey victims in the path of the storm will have extra time to file and pay certain individual and business taxes. Due dates for some returns and payments will be postponed until January 31, 2018 for qualified taxpayers.  The IRS is offering relief to any area designated by the Federal Emergency Management … [Read more...]

5 Important Tax Tips For New Businesses

Tax tips from the IRS for new businesses, including information on business structures, taxes, Employer Identification Numbers, accounting methods, and employee health care. When you start a business, one key to success is knowing about your federal tax obligations. From choosing the structure of your business to handling payroll taxes, here are five basic tax … [Read more...]

New Alert from the IRS – Watch Out for Business Email Compromise Scams

The Internal Revenue Service has issued a warning to businesses today about a new email scam. It involves scammers impersonating company executives in emails to gain access to W-2 forms, wire transfers, and other potentially damaging information. Read on to see how you and your business can protect yourself.   WASHINGTON – The IRS, state tax agencies and the tax … [Read more...]

Outlining the Trump Tax Plan

As a candidate in 2016, Donald Trump promised significant tax reform. A few months after becoming President, Trump released a one-page outline of his goals in that area. As the year goes on, we will see many discussions and changes to the plan. This is a review of the original outline, showing the major areas that will be addressed.  Taxes on Businesses President Trump … [Read more...]