News & Events

Posted By  |  April 18, 2019

Americans who are 65 and older automatically qualify for basic Medicare insurance, but they may need to pay additional premiums to get the coverage they desire. Premiums can be expensive, especially if you’re married and both you and your spouse are paying them. However, if you qualify, they may help lower your tax bill. Premium […]

Posted By  |  April 5, 2019

To save more for retirement, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline. This will allow you to claim the write-off on your 2018 return. You can also contribute to a Roth IRA and avoid paying taxes on future withdrawals. In order to […]

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If you contribute to a qualified retirement plan, such as a 401(k), usually, you must begin taking required withdrawals from the plan no later than April 1st of the year after you turn age 70½. However, there’s an exception if you’re still working for the entire year in which you turn 70½ and if you […]

Posted By  |  April 2, 2019

If you made significant gifts to your children or grandkids last year, it’s important to know whether you’re required to file a 2018 gift tax return or whether filing one would be beneficial. When you should file a gift tax return? Usually, you must file one for 2018 if, during the tax year, you made […]

Posted By  |  March 8, 2019

The good news is that it’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in select circumstances. The bad news is the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and […]

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The March deadline applies to calendar-year partnerships, S-Corporations, and limited liability companies (LLCs) treated as partnerships or S-Corporations for tax purposes. March 15th is the federal income tax filing deadline for these “pass-through” entities. Updating the deadline Until the 2016 tax year, the filing deadline for partnerships was the same as that for individual taxpayers: […]

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While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five important deductions you may see reduced or eliminated when you file your 2018 income tax return: State and local […]

Posted By  |  February 8, 2019

Even if you usually wait to file until closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can protect yourself from tax identity theft — and reap other benefits, too. Tax Identity Theft Tax identity theft involves someone using your personal information to file a fraudulent tax […]

Posted By  |  January 31, 2019

What to consider for 2018 taxes Typically, commercial buildings and improvements are depreciated over 39 years, which means you can deduct a portion of the cost every year over the depreciation period. (This excludes land- you cannot devalue it.) However, specific real estate investments have different tax breaks which allow you to implement deductions more […]

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According to the IRS Data Book, the IRS audited nearly 1.1 million tax returns in 2017. That is approximately 0.5 percent of all returns. Although it may not seem like a considerable number, don’t raise your glass in victory too soon. The IRS has a few folks on their radar, and sometimes it is not […]