Where’s My Refund?

Are you expecting a tax refund this year? Are you wondering when you might get it, or that maybe you should have already received it? Here is some information that could be helpful to you. Federal Funds: You will need your social security number, filing status and the exact amount of refund. If you’re wondering how much longer you’ll be … Read More

Does Cash Overdraft Kill Tax Deductions?

Here’s a recent story of a taxpayer that I think you will find of interest. I have a cash-basis calendar-year client who on December 31, 2018, wrote and mailed $5,000 in checks for 2018 expenses. With this activity, his books showed a $9,000 negative cash book balance.His December 31, 2018, bank statement shows a positive balance of $15,000.Outstanding checks totaling … Read More

Eight Changes in the SECURE Act You Need to Know

As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, enacted on December 20, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The SECURE Act made many changes to how you save money for your retirement, how you … Read More

Do you claim your business miles at the IRS optional rate?

Here is what you should know…. If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might wonder if the IRS can do this. The answer is yes. The tax code says that you must substantiate your business vehicle deductions by adequate records or by … Read More

Tax Tips for the Self-Employed Age 50 and Older

If you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and Medicare. Here are a few thoughts that will help. Keep Making Retirement Account Contributions, and Make Extra “Catch-up” Contributions Too Self-employed individuals who are age 50 and older as of the applicable year-end can make additional elective deferral … Read More

New Budget Bill Gets Attention

On December 20, 2019 the President signed a new budget bill into law that has received a lot of attention, and we want to try to summarize the major items that we believe may have a direct impact on you personally. We are awaiting further guidance from the IRS on many of the detailed factors involving this bill, but the … Read More