Tax forms you should expect to receive by January 31st, 2018

Stock brokers, lenders and employers will start sending you the tax forms and statements by January 31st. The Internal revenue service (IRS) gives companies time until January 31st to mail out these statements. Many currently send it out electronically instead of postal mail. The following are the mostly common tax forms that you should expectRead more about Tax forms you should expect to receive by January 31st, 2018[…]

21 Jan

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Ten questions to ask when choosing a tax preparer

Ten questions to ask when choosing a tax preparer It’s the time of the year when many of you are searching for a tax professional to help file your taxes. It is extremely important to choose your tax professional wisely. As a taxpayer, you are responsible for all the information on the taxRead more about Ten questions to ask when choosing a tax preparer[…]

08 Jan

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Common errors on your W2 / 1099s and how to fix them

Common errors on your W2 (Salary year-end reporting)/1099s and how to fix them By the end of January, many of you will receive copies of 1099s and W2s. If all the information is correct, you are all set for the tax filing. However, if you notice any errors there is no need to panic.Read more about Common errors on your W2 / 1099s and how to fix them[…]

06 Jan

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1099 Compliance Basics for Businesses, Corporations & Independent contractors/consultants

For Businesses & Corporations As a business owner, you may be hiring independent contractors for your business. If you have paid any amount greater than $600 during the calendar year, you may be required to file a FORM 1099-MISC with IRS. A copy is sent to the contractor and a copy is sent to theRead more about 1099 Compliance Basics for Businesses, Corporations & Independent contractors/consultants[…]

24 Dec

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5 things on your to do list before new tax plan is implemented in 2018

5 things on your to-do list before new tax plan is implemented in 2018 Prepay 2018 property tax bill: Prepaying is fine as long as you agree with your property tax valuation. Many jurisdictions will not allow you to protest your property tax valuation if you prepay. Check with a property tax attorney as needed.Read more about 5 things on your to do list before new tax plan is implemented in 2018[…]

21 Dec

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Here’s how the new tax plan will impact your business…

Here’s how the new tax plan impacts your business… Below are few major highlights for Corporations/ Businesses. Reduction in corporate tax rate: Under the new tax plan, corporate income is taxed at a top rate of 21% instead of 35%. Alternate Minimum tax: The bill repeals AMT for corporations. Multinational corporation taxes: Currently, US operatesRead more about Here’s how the new tax plan will impact your business…[…]

21 Dec

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Here’s how the new tax bill will impact your taxes

Here’s how the new tax bill will impact your taxes Below are few major tax highlights and the impact the new tax plan may have on your 2018 tax bill. Individual tax filers Health insurance: There is no penalty for not buying health insurance Estate taxes-exempts most: Estate tax is the threshold permitted under the lawRead more about Here’s how the new tax bill will impact your taxes[…]