Our Financial Blog

 

20% Business Deduction Boiled Down

The Qualified Business Income Deduction, or IRS Section 199A, allows a “Qualified Trade or Business” to deduct up to 20% of “Combined Business Income” for a Tax Year between 2018 and 2025 (yes, it will “sun-set” unless Congress makes it permanent).   A “Qualified...

IRS Partnership Streamlining

The IRS has made major changes for Partnership Tax Returns, Form 1065, beginning with Tax Year 2018.  Going forward, the IRS will audit THE PARTNERSHIP’S TAX RETURN and collect tax from the partnership … NOT THE PARTNERS!  Partnerships must select a representative to...

Tax Filings Using EITC or ACTC

According to the CPA Practice Advisor and Accounting Today, the IRS just announced that refunds, by law, cannot be issued before Feb. 15 for tax returns that claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). This applies to the...

New Tax Law Decisions

If you think the New Tax Law is nirvana, think again! Yes, the New Tax Law nearly DOUBLED the Standard Deduction and did DOUBLE the Child Tax Credit; however, the New Tax Law will have lots of “dilemmas”, shall we say, that will need to be navigated to be sure your...

Additional REsources

A Few Other Resources We’ve Created for Our Customers

Beware of “Ghost” Preparers

By law, anyone who is paid to prepare or assist in preparing federal tax returns must have a valid Preparer Tax Identification Number, or PTIN, must sign the return and include their PTIN. But ‘ghost’ preparers do not sign the return. Instead, they print the return...

20% Business Deduction Boiled Down

The Qualified Business Income Deduction, or IRS Section 199A, allows a “Qualified Trade or Business” to deduct up to 20% of “Combined Business Income” for a Tax Year between 2018 and 2025 (yes, it will “sun-set” unless Congress makes it permanent).   A “Qualified...

IRS Partnership Streamlining

The IRS has made major changes for Partnership Tax Returns, Form 1065, beginning with Tax Year 2018.  Going forward, the IRS will audit THE PARTNERSHIP’S TAX RETURN and collect tax from the partnership … NOT THE PARTNERS!  Partnerships must select a representative to...

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