Article Highlights: Tax ReformPrepaymentsW-4Safe Harbor PaymentsPenalty Waivers & ExceptionsMitigating the Penalty Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals and … [Read more...] about IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
Important – Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Article Highlights: 199A 20% Pass-Through DeductionRental Safe Harbor QualificationsBooks & Records250 HoursContemporaneous Record Triple Net LeasesVacation Home RentalsDouble-Edged Sword Ever since tax reform was passed, over a year ago, taxpayers have been uncertain whether rental property will be classified as a trade or business for purposes of qualifying for the … [Read more...] about Important – Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Tax Time Is Around the Corner! Are You Ready?
Article Highlights: Time to gather your information for your tax appointmentNew for 2018Choosing your alternativesTips for pulling your information together Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficultly of this task depends … [Read more...] about Tax Time Is Around the Corner! Are You Ready?
January 2019 Individual Due Dates
January 2 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 - Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are … [Read more...] about January 2019 Individual Due Dates
Are You an S Corporation Stockholder?Are You Taking Reasonable Compensation in the Form of Wages?
Article Highlights: S Corporation Compensation Reasonable CompensationFactors Determining ReasonablenessIn the SpotlightSec. 199A Deduction S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and … [Read more...] about Are You an S Corporation Stockholder?Are You Taking Reasonable Compensation in the Form of Wages?