2019 Tax Preparation: IRS Substantiation of Personal Deductions and Business Expenses
Substantiation is defined as “to prove the truth of, or to support with truth or evidence”. The IRS requires taxpayers to substantiate tax-deductible personal and business expenses with written documentation. The IRS further requires the maintenance of supporting records for specified periods of time for inspection in the event of an audit. With 2019 tax […]
State and Local Tax Deductions: Limitations and Avoidance
State and local tax deductions (SALT) have been a part of the federal income tax code since its inception. Over the years, Congress has added or eliminated related taxes such as motor fuel taxes, sales taxes, and real and personal property taxes. Now they have placed a limit on the deductibility of state and local […]
A Message from Paul Pittman: Gratitude: What Are You Thankful for Today?
Gratitude is a feeling of thankfulness; an emotion expressing appreciation for what one has or had. Gratitude can look different for each of us. Regardless of how we respectively define it, I hope we all believe that being grateful makes us better people. The benefits of practicing gratitude are many. Studies have shown, individuals who […]
Estate Planning for Young Adults Over the Age of 18
High School graduation is a time of excitement and joy for most parents and their children. Shortly thereafter, those children are headed off in various directions – the workforce, college, trade schools, etc. As parents, we often do not realize that when a child reaches the age of 18, in most states our rights to […]
2019 IRS Mid-Year Tax Update
In preparation for the upcoming tax season, the Internal Revenue Service (“Service”) is working to create new forms, update and resurrect others and scrap the “POST CARD” 1040 from. The Service continues to work to simplify the various filing processes for taxpayers. Below is our 2019 IRS mid-year tax update: 1099 Non-Employee Compensation (NEC): Taxpayers […]
10 Important Tax Changes for Individual Taxpayers Under the New Tax Law
[vc_row][vc_column][vc_column_text] 1. The Standard Deduction: The standard deduction has been nearly doubled for every filing status. The standard deductions are now: $24,000 for those filing married filing jointly and surviving spouses; $18,000 for those filing head of household; $12,000 for those filing single and married filing separately $1,050 for those filing who are a dependent […]
10 Important Tax Changes for Businesses Under the New Tax Law
The 2017 Tax Cuts and Jobs Act significantly reduced corporate tax rates, created a new business deduction for small businesses with the Qualified Business Income Deduction and modified a myriad of other deductions. The following is a high-level view of some of the more important changes currently placed into law. 1. Statutory Tax Rates The […]
Your Form 1099-MISC Questions Answered
The calendar year brings a lot of questions about who exactly should receive a 1099-MISC. Below we have addressed what you need to know to ensure you are following the tax laws appropriate for your business: Who is required to receive a 1099-MISC? A company or business owner who makes payments for services performed for […]
A Message from Paul Pittman: Remember to Take a Breath
The holiday season is nearly upon us – the retailer Christmas decorations are proof enough. Life is moving at warp speed with work, family, travel plans, holiday plans – you name it. At the office, my team just finished the 2018 tax season with the final October 15 deadline. It was another great year and […]
2018 Estate Planning Updates and Reminders
Under the recently passed Tax Cuts and Jobs Act (“TCJA”) various estate and trust provisions were affected. These changes are generally effective for tax years 2018 through 2025. The following are some of the highlights and updates of the new provisions: 2018 RATES & EXEMPTIONS: Estate and Trust income tax rates begin at 10% with […]