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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...

Tax

Understanding Tax Terms: Head of Household

The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates for...

IRS Releases Key 2019 Tax Information

The IRS recently announced key tax figures for 2019, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year.   Tax Brackets: There are currently seven tax brackets ranging...

Tax

Tips to Fund your Retirement Account – New 2019 Limits

For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table below for the details:   How can you take advantage?   Contributing the full amount allowable to...

Tax

2019 Social Security Changes Announced

The Social Security Administration announced a 2.8 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. The increase is the largest in seven years, and is based on the rise in the Consumer Price Index over the past 12 months...