Blog

Common Filing Errors

The IRS shared the most common errors when filing a tax return.  Be sure to avoid these errors when filing your return. Incorrect or missing social security numbers – be sure to verify the social security numbers for yourself, your spouse and anyone that you are claiming as a dependent. Math errors – check and […]

Continue Reading

The 2018 Form 1040 is NOT a postcard

More Tax Forms & More Complex, not Less Don’t be tricked by talk of a new tax “postcard”!   It is NOT a postcard. The IRS has taken the main 2 pages of Form 1040 & turned it into 8 pages. Yes, 8!!!!    There are now an additional 6  NEW schedules that didn’t exist before 2018. […]

Continue Reading

Healthcare.gov Health Insurance

Tax Tip: Open Enrollment to get health insurance through Healthcare.gov for 2019 is only from November 1, 2018 through December 15, 2018. If you want insurance for 2019 and don’t enroll during these dates then you need a qualifying life event to obtain insurance outside those dates.   FYI: for 2018 there was still a […]

Continue Reading

View Your Income Tax Liability Account

Do you owe federal income tax from prior years and would like to see your current balance?  You can view your account information through this IRS tool. If you’re an individual taxpayer, you can use this tool to view: Your payoff amount, updated for the current calendar day The balance for each tax year for which […]

Continue Reading

Tax Transcripts

Do you need prior year tax information and you cannot seem to find a copy of your tax return?  Don’t worry.  You can request a tax transcript from the IRS.  There are two types of transcripts available: 1) Tax return transcript – this shows most line items on a tax return as originally filed 2) […]

Continue Reading

Projected Depletion of the Social Security Trust Fund

The Social Security Board of Trustees released its annual report.  In this report, the Board projects that the reserves in the ‘Old-Age and Survivors Insurance and Disability Insurance Trust Funds (commonly called Social Security) will be depleted by 2034 if steps are not taken to strengthen the Social Security Program.  The report also predicts that […]

Continue Reading

Do You Typically Itemize Deductions?

If you do, the IRS recommends that you review your federal withholding.  This is due to the Tax Cuts and Jobs Act passed in 2017.  This new tax law significantly increased the standard deduction.  With this change in tax law, some individuals who have previously itemized their deductions may find it beneficial to claim the standard deduction. […]

Continue Reading

Social Security Benefits to Increase

Due to the 2018 Cost of Living Adjustment (COLA), Social Security benefit recipients will see a 2% increase in their Social Security benefits in 2018. Other changes for 2018 are based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax will increase […]

Continue Reading

Raffle tickets

Just an FYI that the purchase of Raffle tickets is not a deduction even though you may be buying them from a charitable organization. More on charitable contributions: Publication 526  

Continue Reading

Kids as dependents

Your kids qualify as dependents (as a qualifying child dependent) on your tax return when ……. They are EITHER under 19 OR they are under 24 and a full time student for some part of 5 months during the tax year OR they are permanently & totally disabled AND They live with you over 6 […]

Continue Reading