Category: Uncategorized
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How to use an IRS filing as a marketing tool for growing nonprofits
I am happy to discuss how some local nonprofit organizations use their annual IRS information filing in conjunction with strategic marketing plans to grow their support.
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Avoid these three tax traps
There are three ways that taxpayers most often get into trouble with the tax authorities. Recognizing these three tax traps can help us avoid them. Under-reported income. This is usually the most obvious omission and usually easiest for tax authorities to spot and assess additional taxes. Sometime the taxpayer’s omission is deliberate and sometimes it…
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New IRS tax calculator and W-4 form is available for 2018
The new federal income tax law called the “Tax Cuts and Jobs Act”, effective for 2018, has caused the wage tax withholding for most W-2 income employees to be inaccurate. The IRS and tax advisers encourage everyone who receives wages to recalculate the withholding amount, complete a new W-4, and use this to new W-4…
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Tax Savings 101
An introduction to the topic of tax planning in 6 easy points: Saving taxes doesn’t just happen by accident. It takes deliberate long-term financial planning with a goal, action plan and accountability. Everyone has the ability to legally reduce their taxes. The higher your taxes, the greater the potential to save money. Tax planning is…
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Dylan Thomas’ new popularity
Dylan Thomas seems to have found new footing lately in mass media. This is his most famous poem “Do not go gentle into that good night” that is featured on a new TV commercial. The poem was written around 1949 in Italy. He would have been around age 36 when he wrote the poem and had…
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TAX TIP: Be ready to prove ‘Head of Household’ status
The Tax Cuts and Jobs Act requires paid tax preparers to take additional steps to verify claims of Head of Household status. The new due diligence requirements are intended restrict an ineligible taxpayer from filing as a head of household. Under IRC §6695(g) a tax preparer who fails to meet these requirements results in a…
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Summary of Tax Reform for Individual Taxpayers
This summary is an excerpt from “Understanding the Tax Cuts and Jobs Act”by Samuel A. Donaldson, Georgia State University College of Law, January 3, 2018. Individual Ordinary Income Tax Brackets Originally, Republican leadership sought to reduce both the number of individual income tax brackets and the tax rates. Under prior law, seven tax brackets ranging from 10% to…
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When is paper filing of tax returns required?
For Tax Years 2014, 2015, 2016, business e-file will re-open Tuesday January 9. Taxpayers who need to file business Federal and State tax returns will need to file on paper. Individuals can still e-file 2015 and 2016 returns at any time but earlier returns must be filed on paper. Paper returns cost a bit more…
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Qualified Small Employer Health Reimbursement Arrangements for 2018
(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). Last month the Internal Revenue Service released 59 page Notice 2017-67 which provides guidance on Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs). QSEHRAs were first established as part of the 21st Century Cures Act enacted in late 2016…