Surprised by Your 2018 Tax Bill?

With the massive overhaul to the code in 2018, many filers are finding out that their tax situation has changed. The IRS has announced that it will waive the underpayment penalty for taxpayers who paid at least eighty-five percent of their total tax liability during calendar year 2018

How the New Tax Law Affects C Corporations

The Tax Cuts and Jobs Act (TCJA) made significant changes to the federal tax law, including a significant decrease in the corporate tax rate. Beginning in 2018, the tax rate for c-corporations is a flat rate of 21%. This is great for existing corporations, as they were previously taxe

2018 Itemized Deduction Changes

Due to the recent tax law changes, many more taxpayers will be taking the standard deduction vs itemizing for 2018. The standard deduction  for 2018 is $24,000 for married filing jointly taxpayers (up from $12,700 in 2017). Significant changes to itemized deductions take effect this y

W-2 and 1099s Due Date Reminder

With the coming of a new year means W-2s and 1099s are due right around the corner. The due date for both is January 31, 2019. You will need the following information in order to accurately and timely report your 1099s: Social Secuirty Number or Federal Identification Number Individua
Tax deduction

Is Your Business A Specified Service Business?

The Tax Cuts and Jobs Act (TCJA) created a new deduction for qualified business income. However, business income that comes from a specified service business is not eligible once taxable income reaches a certain limit. So, what is considered a specified service business? The IRS defin