Tax Planning

  • Make Estimated Tax Payments So Your Business Doesn’t Owe

    The Internal Revenue Service reminds small-business owners and self-employed taxpayers alike: avoid a surprise tax bill (and possibly a penalty) by making estimated tax payments during the tax year. The reminder comes as part of National Small Business Week, which recognizes the contributions of entrepreneurs and small business owners nationwide. Income Equals Tax By law,…

  • Tax Reform Expands Retirement Contribution Limits

    Notice 2018-83 details that taxpayers can now generally contribute more money to their retirement funds as part of the cost-of-living adjustment guidance. Changes for 2019 The contribution limit for employees participating in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is hiked from $18,500 to $19,000. Annual contributions to an IRA…

  • GAO Finds Americans Under-Withholding

    A new federal report finds that more Americans may get an unpleasant surprise come April 15. Most folks expect to pay less tax after the tax cut law went into effect in late 2017. But the Government Accountability Office says more American taxpayers will actually have to pay tax due because their employers aren’t withholding…

  • Things to Remember About Early Withdrawals from Retirement Plans

    Somewhere between the time we start our work careers and the time we finally retire, life happens. During that time span, many taxpayers feel the need to dip into their Individual Retirement Account (IRA) or their retirement plan in order to pay expenses. But the IRS wants to remind you that making early withdrawals from…

  • Standard Mileage Rates Raised for 2018

    The Internal Revenue Service has unveiled higher standard mileage rates for use during the 2018 tax year. The rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Beginning January 1, 2018, the standard mileage rates for automobiles, vans, pickups or panel trucks will be: 5…

  • Still Want to Make a 2016 IRA Contribution? You Can

    According to the most recent Internal Revenue Service “Tax Time Guide,” clients can still contribute money to their 2016 Individual Retirement Account (IRA). The IRS-issued reminder also noted that such contributions may qualify for a deduction or credit. This year, the IRS is releasing ten “Tax Time Guides” to equip taxpayers with resources needed to…

  • The 2016 Tax Deadline is Right Around the Corner

    Believe it or not, taxpayers are just days away from their final income tax deadline to file for the 2015 tax year. Those who received an extension of time to file must do so by midnight on Monday, Oct. 17 or face possible interest and penalties on any tax due.

  • IRS to Extension Filers: You May Need 2014 AGI to E-file

    Taxpayers who filed for an extension and now have an Oct. 17 filing deadline may need the Adjusted Gross Income (AGI) from their 2014 return in order to e-file this year.

  • Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

    IRS YouTube Videos: Required Withdrawals from Your IRA: English | Spanish | ASL Podcasts: Required Withdrawals from Your IRA: English | Spanish IR-2014-112, Dec. 8, 2014 WASHINGTON — The Internal Revenue Service today reminded taxpayers born before July 1, 1944, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement…