Category Archives: Tax Law
Maximizing Tax Savings Through Flexible Spending Arrangements
The IRS recently urged taxpayers to take advantage of their employer’s health flexible spending arrangements (FSA) next year. This program allows employees to contribute funds deducted from their paychecks to pay for medical expenses that aren’t covered by health insurance plans. Employees who wish to contribute to an employer’s FSA must state an intent… Read More »
Filing Employee Wage Statements with the IRS
According to federal law, employers are required to file their employees’ wage statements, as well as independent contractor forms with the IRS every year. This year, the deadline is January 31, so if you are a small business owner and have questions about your tax-related responsibilities towards employees, you should consider consulting with an… Read More »
Deducting the Costs of Operating a Vehicle for Business Purposes
Even small deductions can make a difference during tax season. For example, the IRS allows taxpayers to deduct the costs of operating vehicles for business, charitable, medical, and moving purposes. The rates used to calculate these deductions change every year, so taxpayers should keep these adjustments in mind as the tax season approaches. For… Read More »
Preparing for Tax Season
Tax season will officially begin on January 29, when the IRS starts accepting tax returns. This year, taxpayers will also have an additional two days to submit their tax returns, which will be due by April 17. Although the IRS will technically start accepting returns at the end of the month, paper returns will… Read More »
Florida Tax Relief Opportunities: Offer in Compromise
Owing taxes to the IRS can be a stressful and financially devastating experience. Consequences can range from wage garnishment and additional monetary penalties to repossession of personal items and even jail time. Fortunately, there are options, such as the offer in compromise program, that are available to help eligible parties who are in debt… Read More »
Education-Related Tax Benefits
Over the past decade, higher education has become more and more expensive, making it especially important for parents and students to take advantage of available education-related tax benefits. If you or your child are thinking about applying for college, you should consider speaking with an experienced tax attorney who can help you apply for… Read More »
Avoiding Tax Penalties
Every year, as many as ten million people are assessed estimated tax penalties. Fortunately, there are a number of steps that taxpayers can take to reduce or even eliminate tax penalties. To learn more about these strategies and whether they can be applied to your own situation, please contact an experienced tax attorney who… Read More »
Tax Deductions for Teachers
Although taxes may not be on the minds of most teachers and administrators this early in the school year, knowing which expenses to keep track of can actually end up saving them a significant amount of money when tax season does roll around. In fact, there are a number of major work-related tax deductions… Read More »
IRS Announces Tax-Related Inflation Adjustments
Recently, the IRS released the annual inflation adjustments for 2018’s tax rate schedules. These adjustments are generally used on returns filed in 2019, so if you have questions about how this information could affect next year’s taxes, please call today to speak with a dedicated tax attorney who can assist you. Deduction Thresholds … Read More »
Renewing a Foreign Financial Institution Agreement
Last week, the IRS officially urged foreign banks and other financial institutions to renew their Foreign Financial Institution (FFI) agreements. Those who are required to renew these agreements, but fail to do so by October 24 could be removed from the IRS’s official list and will also be subject to a 30 percent withholding… Read More »
