With the holiday season upon us, you may be getting pretty busy. But once the holidays are over, you'll enter into a new season – tax season. The filing deadline for the 2017 tax year is April 17, 2018, but until that ...(more)
It’s that time of year – tax preparation season will be here before you know it! I’m sure some of you dread this time of year, but I’ve got a few suggestions that can make it a bit more bearable and help you in the ...(more)
Your LLC and the tax man
You started a business and decided to form an LLC. The legal protections LLCs offer over a sole proprietorship are worth the couple hundred bucks you spent, and now you’re up and running and ...(more)
2016 W2 form and 1099 MISC form is due to the IRS by January 31 by Employers. This is in contrast to previous years, in which companies had to report W2 forms to the IRS by the end of February. Employees are still ...(more)
Most people are aware that they need to wait until they’re 59 1/2, or older, to withdraw money from their IRA without tax penalties. Many are unaware that they could, if needed, withdraw money from their IRA without ...(more)
The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your ...(more)
If your Required Minimum Distribution did not get removed as expected in 2014, the IRS has a process to help you correct it. We all recognize there's a 50% penalty imposed on the amount that was not properly removed, ...(more)
The United States's tax system is progressive.
Basically, this means as your income increases, your income will fall into higher and higher marginal tax brackets. Marginal tax is the tax you will pay on your next ...(more)
Most military members that have served in a combat zone know that they have an extension for filing their income tax. The barracks lawyers and finance folks on base will let you know about that. But what a lot of ...(more)
The IRS announced today that it will not start processing Form 8863 on 30 January along with other tax forms. Processing of Form 8863 will not begin until late February or early March. Here is what that means to ...(more)
I was at a meeting of the local chapter of the National Association of Enrolled Agents last night and one of the other EA's in tha audience held up a document that looked very much like every IRS document I've ever ...(more)
Not that long ago anyone with a pencil, calculator and the interest could prepare taxes for a fee. Then the IRS stepped in and said that in the interest of consumer protection all individuals preparing taxes for a fee ...(more)
Yesterday early in the morning, the Senate passed H.R.8, the "American Taxpayer Relief Act" by a vote of 89-8, and the House of Representative passed the bill later in the day by a vote of 257 to 167. While the bill ...(more)
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