Happy Summer! Did your income change this year?

Keep in mind that income tax is a “pay as you go” system. If your income changed during the year compared to last year then it may be necessary to set up or change estimated tax payments. We are here year round so don’t hesitate to call us if you have any questions or would […]

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Health Savings Accounts

There is still time to make a contribution to your Health Savings Account and get the tax deduction (if you qualify).  You have until April 15th, 2019 but be sure you make it a “2018 tax year contributions”.

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Required Minimum Distributions: IRAs, pensions, etc.

RMD!! Did you turn age 70 1/2? Did you take your Required Minimum Distribution from your IRA, SEP or Simple? Or from your retirement plan if required?  If so, you can rest easy…..For IRA’s, SEPs and SIMPLEs, YOU MUST TAKE YOUR RMD by April 1 of the year following you year you turn 70 1/2. There […]

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A NEW credit for “Other Dependents”

CHANGES TO THE CHILD TAX CREDIT & the Addition of a New Credit!!! The new maximum Child Tax Credit from $1,000 to $2,000 per eligible child. To qualify, the child must not yet be age 17 by the end of the tax year. Dependents who can’t be claimed for the child tax credit may still qualify […]

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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 […]

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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. […]

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Tax Tip: Open Enrollment to get health insurance through 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 […]

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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 […]

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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) […]

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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 […]

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