Article Highlights: Shared-Responsibility Payment Originated in 2014 Fully Effective in 2016 How It Is Calculated Eliminated in 2019 Note: This one of a series of articles that explain how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of […]
Highlights: 2017 balance due payments IRA contributions for 2017 Estimated tax payments for first quarter 2018 Statute of limitation 2018 refunds Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a different […]
Article by Anna Bahney | Found on CNN If you’ve been paying off student loans, don’t make the mistake of filing your taxes without getting a deduction on the interest you’ve paid on your loans. “If you’re paying 4% [interest] on your loans and not getting the deduction,” says Michael Chen a CPA and founder of […]
Article Highlights Estate Tax Exemption Unused Exemption Portability Annual Gift Tax Exemption Check Your Beneficiaries Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in the article), passed late in December 2017, might affect you […]
If you are an expatriate living abroad, you may be wondering how the provisions of the Tax Cuts and Jobs Act (TCJA) will impact you. This is the most extensive tax change in over 30 years, and although it was touted as tax simplification when it was in the planning stages, nothing was simplified related […]
Article Highlights: What to Do If You Can’t Pay Loans Credit Card Payments IRS Installment Agreements Retirement Funds If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date. The IRS encourages […]
Article Highlights: 2015 Overall Filing Statistics Statistics by Adjusted Gross Income Percentile Table Ever wonder where your income puts you in comparison with the rest of the U.S. taxpayers? Each year the Internal Revenue Service publishes a Statistics of Income Bulletin. The latest set of figures is for 2015 tax returns and provides some interesting […]
Article Highlights 24/7 Access Quick Posting Direct Deposit Necessary Information If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.
Article Highlights: Virtual Currency Valuation Transactions Character of the Gain or Loss Foreign Currency Transactions Foreign Bank and Financial Account (FBAR) Reporting Payment for Goods & Services Acquiring Virtual Currency Virtual Currency Mining Employee Payments Independent Contractor Payments As our world has become more and more “digital,” it was only a matter of time before […]
Article Highlights: Deferring Tax with Like-Kind Exchanges Changes Made by Tax Reform Impact on Trade-ins Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you […]