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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...
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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 taking effect in 2018 under the new tax law, the Tax Cuts and Jobs Act (the Act). It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation,...
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...
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...
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...