Do you have a handle on your retirement plan distributions? If not, you could be faced with penalties or higher taxes. Consider these tips. After all the advice you've received about saving for retirement, taking money out of your traditional IRAs and other qualified retirement plans may feel strange. Yet once you reach 70½, the [...]
The MN Department of Revenue released the following information about the new 529 college savings plan deduction/credit.... 05/29/2018 Today is National 529 College Savings Day, a day to bring awareness to the options available to save for college expenses. Do you contribute to a college savings plan? If so, you may qualify for a new [...]
The IRS has a new tool to help taxpayers calculate the proper federal withholding; read further for information from the IRS about this new tool... Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law WASHINGTON –The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a [...]
Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There are a lot of changes in the new bill, which is expected to be signed into law soon. You can use this memo as a high-level overview of some of the [...]
On December 13, 2017, the Conference Committee reached an agreement reconciling GOP Senate and GOP House versions of the tax bill. As of Friday, December 15, 2017 the bill was moving forward. Below are some key features and possible planning suggestions: Proposed eliminating or reducing itemized deductions in 2018 in exchange for a larger standard [...]
The time for year-end reporting for wages and other types of payments is drawing near. Please review the attached W-2 and 1099 categories as the information summarizes the major reporting requirements for compensation related to W-2 and 1099-MISC issues. If one or more categories apply, or if you have any questions or special situations which [...]
The clock is ticking down to 2018 ... but you still have a few weeks left to make some last-minute tax moves. Take a look at these five tips and save a little more this year. Check the amount of 2017 tax you have prepaid through withholding and quarterly estimates ASAP. If you've underpaid, consider [...]
Below is an IRS tax tip recently released which includes some helpful information. All tax documents (ex: W-2's, 1099's, K-1's) reported to the IRS each year are stored in a computer database; these tax documents are then matched to tax returns by social security number. Most IRS letters are issued in response to items in [...]
The IRS has postponed various tax deadlines for individuals and businesses in Florida, Georgia, Puerto Rico and the U.S. Virgin Islands, as well as in parts of Texas. They will have until Jan. 31, 2018 to file and pay the affected returns and taxes. The new deadline applies to business extensions that ran out Sept. [...]
Section 179 expensing can be a very powerful tax-planning tool for small- and medium-sized businesses acquiring capital assets. While it doesn’t change the amount of depreciation you can take over the life of a capital purchase, it can change the timing by allowing you to deduct your purchase in the first year you place it [...]