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Posts filed under: Federal tax

The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2019 will increase to $132,900. This is up from $128,400 for 2018....
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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...
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...
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...
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...
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...
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...
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...
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...
The Tax Cuts and Jobs Act passed in December 2017 affects your tax.  Now is a good time to work with your CPA and calculate an estimate your  quarterly income tax liability and organize plans.  We also recommend that you...