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Information that keeps you "in the know" with the intent of improving your financial well being.

Audit Proof Your Tax Return

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers.   Report everything that has an informational tax return. If you are like most Americans, you will...

IRS Announces Impact of Government Shutdown

The government shutdown is over (for now) and the IRS is up and running. Here is a recap of IRS clarifications regarding the impact of the recent shutdown:   Due dates remain the same. All filing due dates remain unchanged. Partnership and S-corp tax returns...

Tax

Early Filers Alert! Know whether you should file early

Tax filing season officially begins on Monday, Jan. 28. While the U.S. government remains shut down, the IRS will be bringing back 36,000 employees, without pay, to process returns and issue refunds. With the new rules and uncertainty around the shutdown, it's more important than...

Tax

Tax Forms are Arriving. Are You Ready?

Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some of the forms that are...

Reminder: Fourth Quarter Estimated Taxes Now Due

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2018 fourth-quarter due date is now here.   Normal due date: Tuesday, January 15, 2019   Remember you are required...

Tax

Get Ready! Here Comes the New 1040…

If you've seen the film Jurassic Park, you may remember the dilemma chief engineer Ray Arnold is faced with after a fellow employee steals dinosaur embryos and cuts the power to one of the border fences. Not knowing if the power will come back on...

2019 Mileage Rates – IRS Releases Updates

Mileage rates for travel are now set for 2019. The standard business mileage rate increases by 3.5 cents to 58 cents per mile. The medical and moving mileage rates also increase by 2 cents to 20 cents per mile. Charitable mileage rates remain unchanged at...

Tax

Five Reasons Why the IRS Will Audit You

Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of...