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Individuals that have discovered they made an error on their tax returns after they have been filed can file an amended return (Form 1040X) to correct the error. Amended tax returns can be filed to correct most errors regarding income tax returns; however, they do not need to be filed to correct math errors or the omission of a required form or schedule. In this care, the IRS will request this information through the mail. Amended returns should be filed within three years of the date of timely filing to cl

For many construction contractors, there are impending changes in laws governing both income taxes and financial reporting that come into affect during the current fiscal year or the upcoming one. These are changes that owners and key accounting personnel of construction contractors should become aware of and begin to plan how it affects their company. Federal Tax Changes: Prior to the Tax Cuts and Jobs Act passed in December, the law indicated that construction contractors were required to use the percenta

Do you own a business? Do you currently offer a 401(k) Profit Sharing Plan? Do you wish you could put away more tax deferred dollars for retirement? If your answer is “yes” to these questions, you may consider a Cash Balance Plan for your company. The IRS limits the amount that can be contributed to a Defined Contribution Plan (i.e. 401(k) Plan) for any individual in a given year. That limit for 2018 is $55,000 (Plus $6,000 if over age 50). By adding a Cash Balance Plan, which is a special type

So what’s all the fuss about blogs? Do they really help your business? The short answer is yes. Below are just a few of the many reasons why writing a blog can help grow your business: Help with Organic Search Every time you write a new piece of content, you create a new URL, which means that there’s a new opportunity for you to be found when customers search for information or when they’re looking for answers to their questions. You want to be there for them. You want them to come to you.

Just married? Newly weds have a lot of planning to do. While taxes might not be part of the normal process, it should not be ignored. These are also things that you can discuss before you say “I do”. It will just help make sure you are more prepared after your big day. Here are some things to consider: If your name changed, make sure the changes are reported to the Social Security Administration. This will avoid delays in processing the filing of your return and/or delivery of potential refund.