Tax Tips

New Deductions for Businesses Under the New Tax Act–-Could Yours Qualify?

Under the new Tax Cuts and Jobs Act, those who have made qualified business income from a partnership may be able to take advantage of a new type of deduction. Under new tax laws taking effect in 2018, individuals with qualified income from a partnership. S corporation, LLC or sole proprietorship may be afforded a […]

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Take Advantage of These Tax Tips Before 2018 (and the Tax Cuts and Jobs Act) Begin

The Tax Cuts and Jobs Act, which was signed by President Trump on Dec. 22, means substantial tax changes for millions of Americans–many of which will take effect very soon, in 2018. There are some things you can do–both as an individual and as a company–over the next week, before 2018 begins, that can help […]

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How to Calculate Deductions for Charitable Donations

One of the best incentives the American government offers us to donate to charitable organizations—other than the good feeling you get from making a difference, of course—is the chance to take a deduction on our annual taxes for charitable donations. However, knowing what qualifies and how to go about filing that deduction correctly can be […]

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Calls from the IRS: Is It a Scam?

The phone rings. It’s the IRS calling — or is it? The IRS put out a statement recently warning consumers of this: “Taxpayers who get an unexpected or unsolicited phone call from the IRS should be wary – it’s probably a scam. Phone calls continue to be one of the most common ways that thieves try […]

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Virginia Announces New Tax Amnesty Program

Now through Nov. 14, 2017, Virginia is offering a tax amnesty program to people who have tax debts or unfiled returns. The program allows these taxpayers to remit the tax due with $0 in penalties and only pay half the interest owed. In a statement, Virginia Gov. Terry McAuliffe said, “This program provides delinquent taxpayers with a great […]

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An Easy Guide to College Tax Deductions

Sending a child off to college is a joyous occasion for parents. Your little one is taking another major step towards adulthood, embarking on a journey to find where they want to fit into the world at large. But for many parents, the day a child goes off to school can also be full of […]

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Are Childcare Expenses Tax Deductible? What Working Parents Need to Know

Almost any parent will agree – childcare is expensive. But for working parents, childcare is a necessity. Somebody has to watch the kids while you spend the majority of the day at your job. That’s why it’s vital for working parents to understand what tax deductions are available to them if they pay for childcare. […]

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How to Get Tax Credits for Business Research and Development

Research and development is an important part of starting and growing a successful business. Recently, the Internal Revenue Service (IRS) announced that qualified small business startups are able to apply a portion of the business research credit toward either a payroll tax credit or toward the employer’s portion of employees’ social security taxes, instead of […]

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Tax Documents: What to Keep and What to Shred

 As you check “file tax return” off your spring to-do list, you may be staring at another item you’ve been meaning to get to for some time – spring cleaning. Filing your annual tax return often requires gathering a lot of documents like receipts, W2s and 1099s, expense reports and more. Your desk and filing […]

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What Happens if I Don’t File My Taxes on Time?

The deadline for filing your taxes is fast approaching — this year, thanks to a weekend and a holiday, the deadline is April 18, 2017. But, life can be busy! Maybe your taxes are particularly complicated this year, or maybe you just don’t have the time to sit down and sift through the paperwork. So, […]

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