The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here's a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025...
Category: Individual Tax Planning, Business Tax planning
Posted: September 2017
Uber, Lyft, Airbnb, Etsy, Rover, TaskRabbit. If you've taken advantage of these services—or provided them to others—you're a member of the sharing economy. If you've only used these services (and not provided them), there's no need to worry about the tax implications. But if you've rented out a spare room in your house through a company like Airbnb, you're probably collecting a fee. A portion of this goes to the company (in this example, Airbnb) while you keep a portion for providing the service. Whether this is your full-time job or a part-time gig to make some extra cash, you need to be aware of the tax consequences…
There has been news about downsizing at the IRS—budget cuts, reduced personnel, and fewer audits and other compliance activities. What most people don’t realize is that the IRS is persisting in enforcing tax laws...
There is much uncertainty for individual and business taxpayers, since popular tax credits and deductions for both groups have not been extended beyond their December 31, 2014 expiration dates. However, there are some traditional planning strategies that can be used to minimize your tax bill come April 15, 2016.
Are you concerned about identity theft or the reported mega-data breaches that have recently made headlines? You might want to consider placing a credit freeze (also called a security freeze) on your credit reports.
When it comes to the health care law – also known as the Affordable Care Act or ACA – and how it may affect your taxes, there are many questions you might have. This information from the Internal Revenue Service offers news on trending topics and answers to questions the IRS is hearing.
Recently, we've had several calls from clients regarding suspicious phone calls from the Internal Revenue Service. The IRS has issued a consumer alert providing taxpayers with additional tips for protecting themselves from these kinds of telephone scam artists.
If you are an entrepreneur who is worried that you will not have a big enough "nest egg" to get through your golden years, you are not alone. Unfortunately, most small business owners do not think of the necessary steps to secure their financial future.