Category Archives: Tax Return Preparation
Complying with the Extended Tax Filing Deadline
Now that the July 15th tax filing deadline has passed, taxpayers who have not yet filed their 2019 federal tax returns should start thinking about their electronic filing options. These are uncertain times and it may be even more difficult for some taxpayers to remain in compliance with federal tax law than usual, so… Read More »
Tax Exempt Organizations Required to E-File Under New Law
On July 1st, Congress enacted the Taxpayer First Act, which requires certain tax exempt organizations to file information returns and related forms electronically. The new law went into effect this year, so taxpayers who believe that its terms could apply to them this tax season, should be careful to review the law and if… Read More »
The Benefits of Using Direct Deposit this Tax Season
As tax season looms ever nearer, taxpayers should begin thinking about using direct deposit to receive their refunds, as this option allows funds to be deposited directly into either a checking or savings account. In fact, it is even possible for a refund to be deposited into one, two, or three different accounts. To… Read More »
Why You Should Consider Applying for Federal Tax Credits
With tax filing season just around the corner, Florida taxpayers may want to begin thinking about their eligibility for certain tax credits, including the Earned Income Tax Credit, the Child Tax Credit, and education credits. For help determining whether you and your family qualify for any of these tax credits, please contact dedicated Florida… Read More »
Preparing to File Your 2019 Federal Income Tax Return
With tax season only a few months away, the IRS has begun encouraging taxpayers to begin taking certain steps to ensure that their 2019 returns are processed as smoothly as possible. This includes adjusting tax withholding, making estimated tax payments, and gathering documents and tax records, all of which can be difficult, especially for… Read More »
IRS Institutes Safe Harbor for Taxpayers Whose Rental Properties Could Qualify for the Business Income Deduction
Among the many changes made by the Tax Cuts and Jobs Act (TCJA) was an amendment to the tax code regarding the qualified business income deduction. Under a recently published regulation, the IRS added to these changes by instituting a safe harbor during which taxpayers who own interests in rental property can treat these… Read More »
This Year’s Automatic Tax Penalty Waiver
This year, the IRS is automatically waiving tax penalties for nearly 400,000 taxpayers who have already filed last year’s return, but who failed to claim the waiver. Fortunately, the IRS will apply this waiver to the accounts of all qualifying taxpayers who have already filed their returns, so these individuals are not required to… Read More »
The Importance of Renewing Your ITIN
Anticipating that as many as two million Individual Taxpayer Identification Numbers (ITINs) will expire by the end of this year, the IRS is encouraging affected taxpayers to file their renewal applications as soon as possible. Failing to take this step could result in a delayed refund next year, so if you believe that your… Read More »
Charitable Contributions and Tax Credits
The IRS recently finalized a series of rules requiring taxpayers to lower certain federal charity-related deductions by any applicable credits they anticipate receiving. Although these regulations, which were proposed last year, but finalized this month, were specifically drafted to help clear up any confusion regarding the relationship between federal deductions for charitable contributions and… Read More »
Credits and Deductions that Could Help Your Company’s Bottom Line
Running a business can be costly and complicated, especially when tax season rolls around. Fortunately, there are a number of credits and deductions that can help small business owners and self-employed taxpayers with their bottom line. Determining eligibility for these deductions and credits can be difficult, so if you need help reviewing your tax… Read More »
