The Internal Revenue Service has concluded its annual "Dirty Dozen" list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the year. The information below is a reprint from IRS.gov for June. This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. The schemes can run the gamut from simple refund inflation scams to technical … [Read more...] about Warnings from the IRS About the Latest Tax Scams
Patrick Fleming
Are You Healthy Enough?
We’ve all seen those commercials with the disclaimer telling you to check with your doctor to make sure your heart is healthy enough for physical activity. My advice this month is to check with your tax preparer to make sure your tax planning is healthy enough for any life moves you might make. Most life moves will have a tax impact – some good, some detrimental. This is why you should stay in contact with your tax and financial professionals throughout the year. Think of it as similar to going … [Read more...] about Are You Healthy Enough?
How the New Tax Law is Affecting Small Businesses
My waders are hanging by the front door. The ground under me was not very solid and I was in constant danger of losing my footing and being swallowed into the Conference Report from the recent tax law changes. That's what it takes to even try to understand the business changes, rates, exclusions, etc., that will apply to tax returns for small business owners for the next few years. My takeaway, the easiest part of it, if you will, is that if you have a small business, there is a 20 percent … [Read more...] about How the New Tax Law is Affecting Small Businesses
Preparing for Another Year, Another Tax Bill
Happy 2018! Last year at this time, the biggest thing to talk about for taxes was a 20-page summary of the PATH act, delays in refunds for taxpayers claiming certain credits and some changes for Arizona employers. Today, I'm beginning to wade my way through more than 700 pages of the conference report on what is being called the “Tax Cuts And Jobs Act.” Before we get too far, unless otherwise noted, none of this applies to filing your 2017 tax return. Wait for the documents you normally get but … [Read more...] about Preparing for Another Year, Another Tax Bill
Receiving Credit Where Credit is Due
Now that many of you have had a chance to begin settling into the routine of having your children back in school, it might be time to take a minute or two and look at all of those forms you received at registration. While I am going to address parents whose children are in public or charter schools to begin with, there will be information for those of you who don't have children in school as well. Okay, public or charter school parents, let's take a closer look at all of those … [Read more...] about Receiving Credit Where Credit is Due
Breaking Even (Not Bad)
Last month I hinted at not owing taxes at the end of the year. The first way, and this should be obvious, is adjust your withholding amounts to avoid owing in the future. Generally, a mid-year review with your most recent pay stub(s), or most recent earnings and expenses if you are self- employed, will help determine what you should have paid in for the year. You can adjust your withholdings through your HR department or make estimated payments to meet your withholding needs. One really … [Read more...] about Breaking Even (Not Bad)
