The Qualified Small Business Stock Exclusion
The Qualified Small Business Stock Exclusion As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small…
Refundable vs. Non-Refundable Tax Credits
Refundable vs. Non-Refundable Tax Credits Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits…
Fraud Alert: Fake calls from Taxpayer Advocate Service
Fraud Alert: Fake calls from Taxpayer Advocate Service Like clockwork, every year, there’s a new twist on old scams. This year, it is the IRS impersonation phone scam whereby criminals…
Four Tax Deductions that Disappeared in 2018
Four Tax Deductions that Disappeared in 2018 Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect…
The Small Business Health Care Tax Credit
The Small Business Health Care Tax Credit If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care…
Are Social Security Benefits Taxable?
Are Social Security Benefits Taxable? Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you…
Is Home Equity Loan Interest still Deductible?
Is Home Equity Loan Interest still Deductible? The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity…
Tax Filing Season Begins
Tax Filing Season Begins January 28, 2019, marked the start of this year’s tax filing season, and it’s the first time taxpayers will be filing under the new tax reform…
Seven Common Small Business Tax Myths
Seven Common Small Business Tax Myths The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing…
Avoiding the Penalty on Early Distributions
Avoiding the Penalty on Early Distributions Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement…