Taxes

How Will the New Postcard Form 1040 Affect Your Taxes?

You may remember a lot of speculation and talk about a new simplified tax form that fits on a postcard. Like much of the recent Tax Cuts and Jobs Act that inspired the new Form 1040, the details are still being worked out. The IRS has released draft versions of the new forms for comment but they may still change before tax time. Based on what we’ve seen of the …

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Three Great Ways to Reduce Your Tax Bill

While some taxpayers play the game of questionable tax deductions, many more hesitate to take perfectly legitimate tax breaks because they don’t understand the tax code and are afraid it will trigger an audit. As long as you’ve kept good records and followed IRS guidelines, the possibility of an audit…

Can Your Small Business Still Take Meals and Entertainment Deductions?

As part of President Trump’s tax reforms, meals and entertainment deductions are changing. These deductions have been very common for all sizes of businesses for years. Taking a client to lunch or out to an event to discuss a deal, bringing lunch in for employees, or feeding the team during an office party seem like business as usual. With the new…

Questions to Ask Tax Preparer

There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have professional credentials. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return.

What Tax Reform Means for You

The Senate and the House of Representatives have passed the Tax Cuts and Jobs Act, which contains many provisions that likely affects you. Keep in mind that all changes affecting individuals expire after 2025, and would then revert to current law. Between now and then, expect continued changes as

What You Need to Know About Tax Reform

The Senate and the House of Representatives have passed separate versions of the Tax Cuts and Jobs Act lauded by President Trump. This leaves us with two tax reform bills that need to be reconciled before being sent to the president for final approval. Most sources expect…

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