Archives for Tax

Pump prices and the IRS

Impact of mileage rates and gas prices on tax deductions

If you drive for work, you may pay attention when the IRS updates the standard mileage rate used to deduct business driving expenses. The rate rises most years, but it also falls occasionally. That’s because mileage rates follow gas prices.

For 2017, the standard mileage rates are:

  • 53.5 cents per mile for business miles driven, down from 54 cents for 2016.
  • 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016.
  • 14 cents per mile driven in service of charitable organizations.

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Tax Reform

Congress Passes Tax Reform Bill

What the tax reform bill means for individuals and business owners.

On 12/20/17, both the House (in a 224–201 vote) and the Senate (in a 51–48 vote) passed H.R. 1—commonly referred to as the Tax Cuts and Jobs Act (TCJA). The bill will be sent to President Trump, who is expected to sign it into law. Hailed as the largest major tax reform in over three decades, the TCJA contains a whole host of tax provisions that impact individuals and businesses.

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When it pays to do the right thing

When it pays to do the right thing

You walk the straight and narrow, follow the law, file your taxes. But maybe you know of someone who doesn’t…

The IRS wants to hear from you – and will pay for concrete information leading to the collection of unpaid taxes. Whistleblower awards typically range between 15% and 30% of the outstanding taxes, penalties and interest collected.

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Deduction for Production

Looking for ways to minimize your company’s 2017 tax bill? Consider the domestic production activities deduction (DPAD). Often referred to as “manufacturer’s deduction,” the DPAD can also be claimed by many construction engineering, oil and mining, software and other business.

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How to claim the casualty loss deduction after a disaster.

How to claim the casualty loss deduction after a disaster

Tax break help storm survivors

Survivors of Hurricanes Harvey, Irma and Maria ara tattered, but they’re also tough – and ready to rebuild. If you were affected by the storms (or another natural disaster), the casualty loss deduction can help. This tax break enables you to deduct the cost of damage to your home or personal property on your 2017 federal return.

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Lottery and Taxes

Lottery and Taxes

Last month, a Massachussetts woman won the largest undivided Powerball jackpot. After she opted for a lump-sum payment, her prize of nearly $759 million shrunk to $480 million. But federal and state withholding took their toll as well – reducing her take-home amount to $336 million. She can expect to pay even more when she files her tax return.

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IRS Online Tool to Assist Taxpayers

IRS Online Tool to Assist Taxpayers with Basic Account Information

This secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties and interest. Taxpayers may also continue to take advantage of the various online payment options available by accessing any of the payment features including: direct pay, pay by card and Online Payment Agreement.

The new features added include the ability to:

  • View up to 18 months of tax payment history
  • View payoff amounts and tax balance due for each tax year
  • Obtain online transcripts of various Form 1040-series through Get Transcript
  • Give feedback on their experience with their online account and make suggestions for improvement.
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2013 Taxes

Have you filed your 2013 tax return? Come see us today!

You may have a refund waiting for you.

DEADLINE – TUESDAY APRIL 18th

The IRS estimates $1 Billion in refunds for unfiled 2013 tax returns.  The IRS grants a 3 year window to file a tax return in order to receive a refund if you are owed one.  It is very interesting that so many people have not filed their 2013 tax return.  The IRS estimates the midpoint for potential refunds for 2013 at $763.

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Tax Season is here. Are you ready?

Although tax season doesn’t officially begin until next week, it is important to get ready and file as early as possible to avoid any unneeded stress by using these tips to prepare for the 2017 tax season now.

Here are a few tips to prepare for Tax Season 2017

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Tax Planning

Tax Planning

As we near the 4th quarter, small business owners and individuals should begin thinking ahead as the 2016 tax season is right around the corner.

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Changes to FLSA Overtime Rules

Changes to FLSA Overtime Rules

Earlier this month, the United States Department of Labor (DOL) published regulations that modified certain provisions of the Fair Labor Standards Act (FLSA). Specifically, the regulations increase the minimum salary for an employee to be exempt from FLSA overtime requirements. The following are some frequently asked questions regarding these changes.

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