Tax Tips for Individual Taxpayers
7 Reason to Try Our Virtual Tax Pro Service
Haven’t been able to get yourself in for a tax prep appointment? We’re getting down to the wire on tax season so if you need to have your taxes prepared and just can’t find the time to come in , we have a solution! Learn more about our Virtual Tax Pro℠ Service!
Some level of bafflement attends tax-filing season every year. But in 2019, as Americans examine their returns for the first time under the full effect of the sweeping new Republican tax law, the situation is the most cryptic in memory… Read More
You Can Still Claim Your IRA Contributions!
Don’t forget that taxpayers can still contribute to an Individual Retirement Arrangement (IRA) and claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by the tax deadline of April 15, 2019.
An IRA is designed to enable employees and the self-employed to save for retirement. Most taxpayers who work are eligible to start a traditional or Roth IRA or add money to an existing account.
Contributions to a traditional IRA are usually tax deductible, and distributions are generally taxable. To count for a 2018 tax return, contributions must be made by April 15, 2019 (April 17, 2019 for residents of Maine and Massachusetts). Taxpayers can file their return claiming a traditional IRA contribution before the contribution is actually made. The contribution must then be made by the April due date of the return. While contributions to a Roth IRA are not tax deductible, qualified distributions are tax-free. In addition, low- and moderate-income taxpayers making these contributions may also qualify for the Saver’s Credit.
Generally, eligible taxpayers can contribute up to $5,500 to an IRA for 2018. For someone who was 50 years of age or older at the end of 2018, the limit is increased to $6,500.
Qualified contributions to one or more traditional IRAs are deductible up to the contribution limit or 100 percent of the taxpayer’s compensation, whichever is less. For 2018, if a taxpayer is covered by a workplace retirement plan, the deduction for contributions to a traditional IRA is generally reduced depending on the taxpayer’s modified adjusted gross income. Check out the IRS guide to see how much you can deduct.
Tax Tips for Small Business Owners
The Tax Cuts and Jobs Act changed the corporate tax rate for business starting in 2019. The new flat rate for C-corporations is now 21% representing large savings. For smaller businesses that aren’t C-corporations, there are still differences in the new tax code that can save you money. Here are five 2019 tax breaks and benefits you should know about… Read More
Dealing with taxes is a fact of life for small business owners. Annual expenditures for taxes for most owners are likely their largest outlay each year, exceeding rent or mortgage payments, marketing costs, and vehicle expenses (the only possible larger expenditure is payroll)… Read More