2017 last-minute year-end moves in light of Tax Cuts and Jobs Act

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill,… Continue On +

Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications

If you are among the many taxpayers renting your first or second home using rental agents or online rental services that match property owners with prospective renters, such as Airbnb, VRBO and… Continue On +

Sold Your Home This Year? Thinking of Selling? Read This!

Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Records If you sold your home… Continue On +

Charitable Contributions

As we approach the end of the year it’s common for taxpayers to start looking at making charitable donations to minimize their tax bill. Depending on the size of the donation there… Continue On +

Are You Considering Converting Your Home Into A Rental?

Article Highlights: Home Sale Gain Exclusion Home Sale Loss Rule Mortgage Interest Deductions When individuals buy new homes, they often consider turning their old homes into rentals rather than selling them. All… Continue On +

Watch Out For QuickBooks Email Scams

This is the time of year that we are all paying special attention to any correspondence that may impact our end of year information or our taxes and there is so much… Continue On +

Timely Filing & the IRS Mailbox Rule

As we approach tax season it’s important to remember that a return is not considered filed, “until the document is delivered and received” by the IRS1. With electronic returns confirmation of delivery… Continue On +

IRS Scam

The IRS recently issued a consumer warning to be on the lookout for fake IRS notices. These fake notices try to trick taxpayers into making payments, or sending sensitive personal information to… Continue On +

myRA Retirement Accounts Are Now Available Nationwide

This is a U.S. Treasury Department program aimed at low to middle income individuals as a starter account to encourage those that do not have access to employer-sponsored plans to become savers.… Continue On +

REVISED DUE DATES FOR PARTNERSHIP, CORPORATION AND FOREIGN ACCOUNT RETURNS

The “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” was recently signed into law. Although this new law was primarily designed as a 3-month stopgap extension of the Highway… Continue On +

Parents Can Get Credit For Sending Their Kids To Day Camp

With summer just around the corner, there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age… Continue On +

Estimated Tax Payments… What are they and why they are needed?

(Please note the below only applies if your business is formed as a S-corporation or LLC) Every so often our office will ask you to make estimated tax payments to the IRS… Continue On +