Here’s how tax reform changed accounting methods for small businesses

 

The Tax Cuts and Jobs Act – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer that has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter.

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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 file in 2019. This provision is the result of tax reform legislation passed in December 2017.

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Use Text Marketing to Grow and Win Amazon Echo

Taxware Systems is always looking to provide information and technology that could benefit and improve the tax practices of our clients.

Protecting Your Client Data

Taxware Systems Client Benefit: Special Offer on TheTaxBook

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Tech Tips – Acknowledgements


With the NextGen Wintax program, you can reprint and reprocess “rehang” your previously electronically filed acknowledgements whenever you may need them.

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A Comprehensive Look at EFINs and PTINs

Electronic Filing Identification Numbers (EFINs):
An EFIN is a six digit number assigned by the IRS for identifying tax firms.
Anyone filing more than 10 returns in a tax year must do so electronically through their firm’s EFIN.

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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 but they are back up now and the systems should get caught up tonight with acknowledgements.

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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, taxpayers should have a copy of their most recent pay stub and tax return.

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Don’t Fall for Scam Calls and Emails Posing as IRS

It was last year about this time that I received more than one call from the someone claiming to be the IRS stating that I owed them money and I needed call an 800# to get it all cleared up.  It sounded so real I could see how anyone would believe it, and the fact that they called more than once I decided to get on the IRS.gov website and do a little research to make sure it wasn’t real. I knew in my gut they wouldn’t contact me that way but still I was appalled at the audacity of someone to execute this type of a scheme.

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