Tax Planning Tutorial Some of the most common questions we are fielding this year are regarding the “The Tax Cuts and Jobs Act of 2017“ and how it affects the taxpayers taxes. It’s totally understandable as people are either excited or concerned about the unknown. To help you be able to answer some of these questions, […]
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Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by choosing to itemize when they file their 2017 tax return. Before making that decision, it’s a good idea to figure deductions using both methods and choose the method with the […]
Taxpayers with Expired ITINs Should Renew Them Now to File Their 2017 Taxes Taxpayers with an expired Individual Taxpayer Identification Number should renew it as soon as possible if they need to file a 2017 tax return. They can renew it by submitting a Form W-7. Tax returns with expired ITINs will face delays. Affected […]
By King T. Dalton, CPA and Founder of Taxware Systems, Inc. This is a preliminary analysis of the new tax act that will affect 2018 tax returns, and is based on my understanding of the new law, which may need further clarification. The analysis is not intended to be complete, but to provide a guide […]
The IRS requires that an 8879 be signed by the taxpayer before the 1040 can be efiled. Usually this would be a physical signature in person, but there are ways to do this without the taxpayer stepping foot into your office. A great solution for remotely signing an 8879 is the Adobe Acrobat program. This […]
When tax season is over, we in the tax industry want to let everything go until extensions are due. While time off is often well-deserved, there are some easy things you can do to get your clients–and yourself–ready for next tax season well before January. Life Changes: If your client lets you know about a […]
In the tax industry, you could say that we have learned to expect the unexpected, especially with tax laws being updated consistently throughout the tax year. What about fires, power outages or even cybercrime? No one knows when disasters will strike, but as a taxpayer and a tax professional, you can be ready to combat […]
The tax deadline for most taxpayers was April 18th, 2017. If for some reason your client missed the deadline without filing an extension, here are some helpful hints about what to do next. File and Pay: For a client who owes tax, let them know they should file and pay as soon and as much as […]
If a client coming to your office receives a notice or letter from the IRS, your client might come to you for help, and you need to know how to respond. Here are some tips should your clients get a notice from the IRS. Do NOT Ignore It: In most cases, notices from the agency can […]
We are consistently busy in the tax industry, and as a tax professional, just as you get over one hurdle you are prepping for another. April 18th will be here before long, but don’t be caught unawares. Here are some tips to help you wrap up a successful season. Keep Records Safe: Store client data, paper […]
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