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...]

Haven’t received your Form W-2 yet? The IRS can help.

It’s tax time and you need your Form W-2, Wage and Tax Statement, to file an accurate federal tax return. You should have received it by February 1st this year. If yours still hasn’t arrived, contact your employer and ask for a copy. Make sure they have your correct address. If the form still hasn’t arrived by the end of February, contact the Internal Revenue Service at … [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...]

How Do Small Business Retirement Plans Compare?

Top Six Retirement Plans for Small Businesses If your company is thinking about adding or changing a retirement plan for your employees, there are many different ways to make that happen. Retirement plans keep employees happy and can be an effective way for business owners to save money as well. Here are the ups and downs of the six most popular retirement plans for small … [Read more...]

Top 12 Changes in Tax Benefits for 2018

The IRS has announced changes in over 50 tax provisions for 2018. These inflation adjustments apply to tax deductions, exemptions, and tax rate schedules. The top 12 changes that will be of greatest interest to most taxpayers include the following: The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For … [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...]

Six Tips for Filing Extended Tax Returns

Every year, millions of taxpayers file an extension with the IRS for an extra six months to file their taxes. If you filed for an extension, you should have paid any tax you owed by the April deadline, but you have until October 16 to file your complete returns. Monday, October 16 is the extension deadline this year. Here are six things to remember if you haven’t filed … [Read more...]

Unhappy Employees Can Cost Your Business Big Bucks

It is easy to look at employee turnover as a regular part of doing business. While a certain amount of turnover is inevitable, it is worth doing whatever you can to keep your employees happy, healthy and satisfied in their positions. According to the US Department of Labor, 20% of workers voluntarily leave their jobs, while another 15% are fired. If you take into … [Read more...]