Tax Tip Newsletter
Tax Reform….As the Dust Begins to Settle
Highlights and New Items on Tax Reform Its officially been two months since the passing of the biggest tax reform since 1986 and understandably there have been comments from all perspectives on what it will mean to everyone. Although many of the items in the actual bill still need much clarification from the Internal Revenue Service on how they will interpret them, most people have a good overall idea of how this reform will most likely affect them. Or do they? As with any tax laws, there are usually winners and losers (unfortunately at some point tax needs to be
Did You Remember to File ALL Your Tax Forms?
Are You Filing ALL the Tax Forms You Need To? As many individuals and businesses prepare to file their 2017 income tax returns, the question many people forget to ask is “what am I missing?” Now when many people hear that question in the context of taxes, they think what deductions or credits am I missing. Although this is indeed a great question, and one your CPA should be asking you all year long, this is not the only things that we need to worry about missing in today’s tax world. As the IRS and many state governments continue to
Changing Business Structure After Tax Reform
What Type of Entity Should My Company Be? That question has always been one on the minds of all business owners in order to not only best meet regulatory needs but also to take advantage of the tax code. With the Tax Reform now behind us and regulations to understand those changes in the works at the IRS, we once again have to reevaluate those decisions from a tax standpoint. The new law gives many businesses some new tax breaks and benefits, and makes some sweeping changes to the tax rates for both businesses and individuals. However, the underlying rules
Five Tips to Avoid Hurricane Relief Scams
There has been an enormous wave of support across the country for the victims of Hurricanes Harvey and Irma. However, there are also criminals who try to take advantage of people’s generosity. Fraudulent schemes often involve telephone, social media, e-mail or even in-person scams. Criminals may also send emails using false websites that appear to be legitimate charitable causes. These sites frequently use names similar to legitimate charities, or claim to be affiliated with legitimate charities, when their only goal is to scam money or obtain personal financial information that can be used for identity theft. To help you avoid
Those Items Are Tax FREE, Right?
We’ve all seen the ads and sales claims telling you to buy online because it’s tax free. In most cases, this is too good to be true. For the most part, when a seller is not physically present in a state, they are not required to charge sales tax to customers in those states. This does not mean that sales taxes are not due, but rather it means that it is not the seller’s responsibility to collect and remit it. The onus falls on the buyer to “self-report” the taxes on any items they purchase that are delivered to their
