For many, summer happenings include heat/humidity, camp, vacation and pool parties. Add to this list the paying of taxes such as federal income, state income, sales, sales & use, ad valorem, property, self-employment and heavy highway vehicle use. Even though summer is associated with leisure......
What does your income tax return say about your finances? Many taxpayers may respond, “great question.” Then we may hear crickets (silence) sort of speak. Let this not be your response. With the enactment of the Tax Cuts and Jobs Act, we have a new......
Collect. Organize. Preserve. Evaluate. Records are a by-product of your business activity. Undeniably, the accounting of business activities takes time and willpower. You may feel overwhelmed by the requirements of your regulatory agencies. Keep in mind that knowing how you have contributed to the economy......
Have you heard the phrase “it would take an act of Congress” to get something changed? Well, Congress acted in December 2017 and passed the Tax Cuts and Jobs Act. Most taxpayers such as individuals and businesses are affected by this legislation. Below are three......
The education of young people is a debated topic within our society. The Tax Cuts and Jobs Act authorized 529 plans (e.g., prepaid tuition) to pay for tuition for K-12 like private and religious schools. Parents will use this opportunity to send their kids to......
Tax Day, April 17, has come and went. How did you do? With the signing of the Tax Cuts and Jobs Act, due diligence should be a forethought versus an afterthought. Below are best practices most taxpayers should consider: Implement processes to preserve your important......
Most people do not look forward to the tax-filing season. Well and except, the thousands of professionals such as certified public accountants (CPAs) who enjoy providing you with tax solutions such as planning and preparation. Note the below reasons why filing your income tax return......
Do you feel like “the hardest thing to understand in the world is the income tax (Albert Einstein)?” Yes, federal and state income tax laws are complex. Taxation in the United States of America (and internationally) is ever-changing. As you pursue meeting your tax obligations,......
The scope of the tax code is noteworthy. Despite this fact, filing an accurate, complete income tax return saves you time and money. In a desire to reach the above goal, note the following three tidbits of tax law you must know: Your filing status......
This tax season has been eye-opening for taxpayers and tax professionals. The Tax Cuts and Jobs Act of 2017 (TCJA) changed many aspects of the tax code. Notably, the personal exemption was phased-out and several itemized deductions were reduced or eliminated. Further, the corporate federal......