Posts filed under: Federal tax

Avoid the underpayment penalties & interest with a tax plan.

Taxpayers who do not pay prescribed amounts of tax during the year through withholding or estimated payments are subject to the penalty for underpayment of estimated tax. The two most common ways to pay taxes throughout the year are withholding... Read More

IRS Releases Final Form 1065 and Draft Instructions for 2018

The IRS has released the final version of the 2018 Form 1065 (U.S. Return of Partnership Income) and draft instructions for that form. The form incorporates changes made by the Tax Cuts and Jobs Act (TCJA) and the new centralized... Read More

Estimated tax payments due 04/15, 06/17, 09/16 and 01/15

If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. Individuals, including sole proprietors, partners, and S corporation shareholders generally have to make estimated tax payments if they expect to owe tax... Read More

Get tax relief from the Qualified Business Income (QBI) deduction

A significant new tax deduction was provided by the 2017 the Tax Cuts and Jobs Act (the Act). For tax years beginning after 2017 and before 2026, individuals, estates, and trusts may be able to deduct up to 20% of... Read More

Determine the deductibility of meals & entertainment.

The business deduction for meals & entertainment expenses has been changed. Congress has historically been skeptical that businesses claim expenses for activities that are unrelated to their essential functions.  As a result, entertainment expenses are no longer deductible but meal... Read More

Individual Income Tax Preparation

Complete your annual income tax organizer and meet with a financial information professional today.  A CPA will prepare your individual tax return, Form 1040 including Schedules A & B. We also help you project next years’ taxable income to calculate... Read More

Get a tax plan & strategy that works to lower your tax bill.

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop... Read More

House approves third portion of Tax Reform 2.0

House lawmakers passed the Tax Reform 2.0 bill on Friday, September 28th.  The bill amends the Internal Revenue Code of 1986 to promote new business innovation, make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and... Read More

The Oct. 15 filing deadline is approaching

If you are one of the 14 million taxpayers who requested an automatic 6-month extension to file your 2017 tax return, the extension runs out on Oct. 15.  Extensions can’t exceed six months unless the taxpayer is abroad or located in... Read More

Learn how the Tax Cuts & Jobs Act affects your income tax.

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package that will affect your 2018 income tax. Here’s a look at some of the more important elements of the new law that have an impact on... Read More