The House Ways and Means Committee recently passed the Retirement, Savings, and Other Tax Relief Act of 2018 through the House. Within this legislation is a bill called Taxpayers First Act of 2018, which was devised to protect taxpayers from unfair practices as well as reform the IRS. There is bipartisan support for improving the […]
taxes
How the New Tax Laws Affect Small Businesses
As a small business, you may always feel anxious around tax time, wondering if you paid your estimated taxes correctly, unsure if you will owe or receive a refund this year. With the passage of the Tax Cuts and Jobs Act, this tax season may seem even more uncertain as to how your bottom line […]
IRS Releases Updated Withholding Tables for 2018
As anticipated, the IRS has released the first of several steps to update withholding accuracy in light of the passage of the new tax legislation last month. On January 11, the IRS announced the release of updated withholding tables for employers to follow in Notice 1036. The new withholding tables have been designed to reflect […]
Overview of New Tax Cuts and Jobs Act (TCJA)
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025. Tax rates. The new law […]
New Developments in the Republican Tax Bill
Amidst much discussion and disagreement regarding the future of the tax code, the Republican Party pushed back the initial release of their updated tax bill. Just a few days later, the most recent version was provided and below are 12 major changes that would impact most taxpayers: Decreasing the number of income tax brackets Our […]
5 Tax Filing Mistakes to Avoid
Taxes are usually a blip on the radar each spring for most taxpayers, but many cannot expect to have taxes taken out by their employer and call it a day. There are a variety of different life scenarios that may affect your tax bill and deductions, and the end of the year is the perfect […]
5 Major Ways the GOP’s New Tax Plan Will Alter the Tax Code
Since the GOP’s first attempt at shifting the current tax code was shot down in Congress, they have released another, broader tax framework. This new plan has several components Congress will need to hash out before voting on a finalized plan, but taxpayers of all income levels are likely curious about how this framework may […]
