The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage.
IRS Identity Theft Season Begins Now
Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant.
Early tax filing season is the worst time
Your federal tax account at the IRS has plenty of money in it from all the taxes withheld from your paycheck during the course of the year. Until you file your tax return, the IRS does not know whether you need to pay more in or they need to refund you the excess amounts withheld.
The New Face of Banking
It suddenly just got a whole lot more difficult to buy a home
Key Coronavirus Tax Changes
Every taxpayer should know…
In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you, your veterinary practice and your family.
Early distribution penalty waived
The IRS Data Theft Problem
Here's how to minimize your risk
What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information?
The IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store large amounts of personal information and tax data, are also a potential gateway for online criminals and identity thieves.
Last Minute Tax Law Changes What everyone needs to know
On Friday December 20th a new 1,770 page bill was signed into law. Deep within the pages of the bill are a number of retroactive tax law changes to current and expired tax laws. These new law extenders are in place for both 2019 and 2020. Here is what you need to know:
2019 Tax Law Changes
4 Key Elements of Great Business Books
Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and maintain a healthy bookkeeping system:
Select the proper accounting method
Five Itemized Deductions to Still Consider
Beginning in 2018 and lasting though 2025, new tax laws modified or eliminated itemized deductions, while increasing the standard deduction. Here are five valuable deductions still available (albeit altered) to keep in mind as you file your 2018 taxes and plan for your 2019 tax savings:
Use your Tax Refund for an IRA contribution
You may already know that contributions to a traditional IRA may be deductible on your personal tax return (subject to certain limits). You're allowed to deduct a contribution on your 2018 return that is made as late as April 15.
But are you aware that you can use this year's tax refund to make your IRA contribution for the 2018 tax year?
How to fund your IRA with a refund
Employee Expense Rules Have Changed
Employee Expense Rules Have Changed
One of the things that’s going away under the new tax reform laws implemented this year is an employee’s ability to deduct unreimbursed expenses related to their job.
Farewell to miscellaneous itemized deductions
Tax priorities for new business owners
Are you a new business owner? If so, you know that you now have a lot more tax obligations on your plate. Use the following items as a checklist to help you prioritize common tax issues that often trip up new business owners:
