The IRS lowers under-withholdi penalty to 80% In March, taxpayers who under-withheld their federal tax in their paychecks got a reprieve from the IRS. The agency recognized that many taxpayers were confused about the amount they needed to withhold. Last…
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Deduction Changes for 2018 Personal Taxes
Recent Tax Reform Alters Personal Deductions for 2018 The IRS made major changes to personal deductions for 2018 taxes. The new regulations eliminate or reduce several popular deductions. As an offset to these changes, the rules also increase standard deductions.…
Posted in General Tax Tips & News
2019 Business Tax Deadlines for VA, MD, and DC
January is a good time to record the due dates for important business taxes in the coming year. We list below important due dates for Virginia, Maryland, and the District of Columbia. If you need additional information, we also…
2018 Year-End Tax Strategies for Small Businesses
4 Year-End Tax Strategies for Small Businesses November is a great time to take stock of your company’s year-end tax situation. You still have time to make some adjustments to minimize taxes. The Tax Cuts and Jobs Act (TCJA) included…
SEP Retirement Account Can Lower Business Owners Taxes
SEP: A Terrific Tool to Increase Retirement Savings and Minimize Taxes Self-employed business owners can reduce their taxes and greatly increase retirement savings with a Simplified Employee Pension (SEP) IRA. These plans are one of the best retirement plans available…
Home Office Tax Breaks Lost Under New Rules
New tax laws slash tax deductions for home offices The media gave lots of attention to how the Tax Cuts and Job Act (TCJA) changed corporate and personal tax rates. Few headlines focused on the significant changes TCJA made to…
Is your company ready for the new rule on leases?
Accounting Rules Changing for Business Leases The Financial Accounting Standards Board (FASB) has announced new rules for how companies must account for their corporate leases. Under Old Rules, FASB Treated Some Leases Differently Under FASB’s old standard, the rules only…
New IRS Calculator Helps You Set Correct 2018 Tax Withholding
Use the IRS Calculator To See If You Need to Update Your W-4 The IRS has recently updated its online calculator, which helps taxpayers gage the right amount for their payroll tax withholding. Use this tool to make sure you…
Posted in General Tax Tips & News
The New Tax Act Eliminates Marriage Penalty for Many
A Marriage Penalty Still Applies for High Earners and Very Low Earners While the recently passed Tax Cut and Jobs Act (TCJA) eliminates the marriage penalty for many couples, some couples will see still this penalty. What is a marriage…
Posted in General Tax Tips & News, QuickBooks tips
New 2018 Business Tax Changes with the TCJA
The new Tax Cut and Job Act (TCJA) changes several business tax regulations. Below are some of the most significant business tax changes under the TCJA. These changes will affect business activities after Dec 31, 2017, unless noted otherwise. #1.…