Tax Planning, Preparation & Compliance

Tax Bracket, Tax Rate, What’s the Difference?

It’s not a trick question, there is a difference between your tax bracket and your tax rate.  Your tax rate indicates your tax liability in relation to your total income but for planning purposes, you will also want to be aware of your tax bracket.  As an example, to stay within the limits of

Views – 850

By |January 31, 2017|

IRS Changes Deadline to File W-2 and 1099’s

Issue Number:    IR-2016-143
Reminder: Employers Face New Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15

IR-2016-143, Oct. 28, 2016

WASHINGTON — The Internal Revenue Service today reminded employers and small businesses of a new Jan. 31 filing deadline for Forms W-2. The IRS must also hold some refunds until Feb. 15.

A new federal law, aimed

Views – 1147

By |November 3, 2016|

Are Itemized Deductions Worth the Effort?

Save time and trouble (and maybe some taxes) by knowing the difference between the standard and itemized deduction.

When calculating your taxable income you have the option to use the standard deduction or an itemized list of qualified deductions.  If you have a large mortgage or sizeable charitable donations, itemizing will definitely be the way

Views – 1108

By |August 25, 2015|

The Affordable Care Act: What To Expect Next

As of  mid-July, we are currently sitting in health insurance “limbo.”  The initial roll out of the Affordable Care Act, also known as Obamacare, is over. The 2015 open enrollment is a few months away and all is quiet on the insurance home front.   During this intermission, I thought it might be a good

Views – 1339

By |September 8, 2014|

Don't fall for this #1 tax scam

Crooks wanting to steal your identity are using bogus e-mails and websites designed to look like genuine IRS communications.
By |May 13, 2013|

Check your 2013 tax withholding

If you have a sizable refund of your 2012 taxes, it may be time for you to check your withholding. After all, when you overpay your taxes, you’re making an interest-free loan to the government.
By |May 6, 2013|

Don't treat the IRS as your banker

When cash flow is tight, you may be tempted to pay your suppliers first and your payroll taxes last. The IRS will take steps to minimize the liability as quickly as possible. They also have a powerful weapon available to collect such taxes. Whether or not you own the company, you could be determined

Views – 1253

By |April 18, 2013|

Filing reminder for nonprofit organizations

Nonprofit organizations are required to file annual reports with the IRS. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990. The deadline for nonprofit filings is the 15th day of the fifth month after their year-end. For calendar-year organizations, the filing deadline for 2012 reports

Views – 1140

By |April 15, 2013|

Many tax deadlines fall on April 15

April 15, 2013  is a major tax day, with the following IRS deadlines falling on that date:

* Individual income tax returns for 2012 are due.

* 2012 partnership returns are due.

* 2012 annual gift tax returns are due.

* Deadline for making 2012 IRA contributions.

* First installment of 2013 individual estimated tax is due.

* Deadline for

Views – 1137

By |April 8, 2013|

Should you directly deposit your tax refund to an IRA?

It sounds like a great idea: Have the IRS directly deposit your tax refund into one or more individual retirement accounts (IRAs). In fact, the IRS touts this option as a way to speed up retirement contributions. The whole process is automated and simple. Read more.
By |March 26, 2013|