by Jonathan Bill | Mar 1, 2020 | Personal, Tax Season
Several years later, the 2017 Tax Cut & Jobs Act continues to impact our taxes and the tax return forms we use. Keep these changes in mind when filing this year: Standard Deductions — The standard deduction is a specified amount that’s subtracted from your AGI to...
by Jonathan Bill | Feb 2, 2020 | IRS, Tax Season
This tax season, it’s estimated that the IRS will handle roughly 150 million returns. Chances are, you will never face an IRS audit — only 0.45% of taxpayers were audited last year. However, you may encounter other types of more-frequent IRS inquiries, such as...
by Jonathan Bill | Jan 3, 2020 | Personal, Retirement, Tax Season
President Trump signed into law in December a bill to keep the federal government funded. As part of that bill, several new tax changes were enacted, include some major changes to retirement plan rules. The new “SECURE” Act is designed to encourage retirement savings...
by Jonathan Bill | Dec 16, 2019 | Personal, Tax Season
With just a few weeks left, take a look at this checklist to make sure you’re ready for the new year: 1 — Take Your RMDs: If you’re 70½ or older, you’ll need to take required minimum distributions from your qualified retirement accounts by December 31 — or face a...
by Jonathan Bill | Oct 7, 2019 | Biz Taxes, Tax Season
Tax planning is not the same as tax preparation. Tax preparation is the process of preparing and filing your tax return each year. Unless you file an extension, this is typically a once-a-year event that must be completed by April 15. For most people, tax prep...
by Jonathan Bill | May 30, 2019 | IRS, Small Business, Tax Season
Our tax system is a “pay-as-you-go” process, which is all pretty straightforward when you receive a regular paycheck, and money is withheld on your behalf. But when you are self-employed — or earn certain other types of income — making estimated tax payments is your...
