Posts Tagged ‘tax tip’
Withholding Estimator Now Saves Headache in New Year
Planning to figure your taxes after the new year? Why wait? In the first of a series of tax filing reminders, the IRS urges individual taxpayers to use the Tax Withholding Estimator to find out whether more should be withheld or worse, how much will be due when the tax return is filed. If you…
Read MoreE-file Oct 31 Payroll Tax Forms
The payroll tax return due date of October 31 is almost here. But you don’t have to scramble to mail these returns. The IRS is encouraging you to e-file forms 940,941,943,944 or 945. The IRS in a new release stated e-filing payroll returns are more accurate, due to instant alerts on missing information. Processing time…
Read MoreAfter Tuesday Tax Tip
If there is any better indicator that virtual currencies such as bit coin are here to stay, it is the IRS figuring out how to tax virtual currency. The first step is to define virtual currency, and the next step is to track it. The IRS, in fact, has defined virtual currency. IRS Definition of…
Read MoreTuesday Tax Tip
Remember: as you faithfully label and save every business entertainment receipt: Business Entertainment is reduced or eliminated from current business taxes. The TCJA allows meal expenses incurred in connection with business entertainment (meals at games) and meal expenses to wine and dine prospects and customers are still 50 percent deductible, but many entertainment expenses acceptable…
Read MoreIRS 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…
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