Bookkeeping
IRS Extension Filing Deadline Almost Here
If you requested an extension for filing your 2018 tax return, the IRS reminds us your deadline is close, Tuesday, October 15, 2019. AcctServices.org wants to remind you there is still time for taxpayers to file a complete – and hopefully accurate – return. The deadline doesn’t mean you should wait until October 15 to…
Read MoreBusiness Tax Rules Changes
Small and Medium Businesses, especially, need to know about changes in Tax rules from the Tax Cuts and Jobs Act (TCJA). New flat 21% tax rate for corporations. The rates before TCJA was enacted were 15%, 25%, 34% and 35%. Personal Service Corporations paid a flat 35% rate. Beginning in 2018, Corporations pay a flat…
Read MoreTuesday Tax Tip: 2019 Tax Filing Changes to Know
There is still time to get more out of your deductions and contributions before the end of the 2019 tax year. Parts of the 2017 reform did not take effect until this year, and, as most years, the contribution caps changed for 2019. Here is what you should know about 2019 tax filing changes. The…
Read MoreIRS Using Private Debt Collection for Overdue Taxes
Four collection firms have been contracted by the IRS’ new private collection program of overdue federal tax debts. The groups are CBE Group of Cedar Falls, IA, Conserve of Fairport, NY, Performant of Livermore CA, and Pioneer of Horseheads, NY. Each taxpayer or business tax account which owes these certain types of overdue federal tax…
Read MoreNew Tax Estimator Tool for Freelancers
Today, with so many millennials freelancing on the side while working a salaried job, the IRS wanted to reduce the risk of sticker shock when taxes are due on the W-2 income as well as the additional self-employment income. To solve this challenge, the Internal Revenue Service issued the new Tax Withholding Estimator tool. To…
Read MoreTuesday Tax Tip: 3rd Quarter Estimated Tax Due Soon
Third Quarter Estimated tax payment due Monday Sept 16. Can you believe major tax reform is in its second year? As taxpayers are seeing its full effect on 2018 returns, the IRS reminds people who pay estimated tax that their third quarter payment for 2019 is due Monday September 16. Thanks, IRS. On a brighter…
Read MoreTuesday Tax Tip
As Dorian approaches, IRS reminds preparation for natural disaster Secure key documents and make copies think tax returns, birth certificates, deeds, titles and insurance policies. Put in waterproof containers in a secure space. Duplicates should be kept with a trusted person outside the disaster area. A backup scan on flash drive is another way to…
Read MoreTuesday Tax Tip – Distribution Checks
Tuesday Tax Tip – Distribution Checks The IRS released a ruling that retirement plan distribution checks must be taxed even if the check hasn’t been cashed. An individual’s failure to cash the distribution check received in 2019 does not permit one to exclude the amount of the designated distribution from gross income for that year…
Read MoreTuesday Tax Tip: Sales Taxes Are Due -Even on Internet Purchases
Last year, a 1992 sales tax regulation was overturned, allowing states to decide whether they wanted to collect sales taxes from online purchases. The 2018 ruling caused e-commerce company share prices to temporarily tumble. Most online retailers, such as Amazon, have already been paying state sales taxes for years, but other online vendors, even large…
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