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Business Owners Can Claim a Qualified Business Income Deduction

Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates.  The deduction may also be claimed on certain dividends.  Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they […]

Taxware Systems Client Benefit: Special Offer on TheTaxBook

As a client of Taxware Systems you are entitled to receive 10-25% off all TheTaxBook products and free shipping year-round! Excitement is in the air for the 2018 Tax Year! Your clients want to know how the changes in tax law affect their tax return and financial situation. TheTaxBook has three publications to help you […]

Congratulations on a successful tax season!

Congratulations! You made it! The high pressure of an even more compact tax season has come to an end. All of us at Taxware Systems congratulate you on making it through and hopefully having a great tax season. The IRS made it interesting at the end with their servers going down on the last day […]

Client Comparison and Batch Extensions

Toward the end of tax season, we field some telephone calls helping clients transmit extension form 4868 for their clients. When the telephone call is about finished the client will make a comment something along the lines of “thanks, one down 40 to go!”. It’s about that time Taxware customer support becomes their best friend […]

Step-by-Step Instructions for Using the IRS Withholding Calculator

The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent tax law changes. Results from the calculator will include a recommendation of whether or not users should consider submitting a new Form W-4, Employee’s Withholding Allowance Certificate, to their employers. Before beginning, […]

Take the Mystery Out of Your Client’s Future Tax Return

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, […]

Taxpayers with Expired ITINs Should Renew Now

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 […]

The Tax Cuts and Jobs Act of 2017

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 […]