by somichcpa | Jul 10, 2019 | Corporate Taxes, Tax Tips
A new deduction is available to businesses with qualified business income (QBI). While that’s great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you receive a maximum deduction will come down to...
by somichcpa | Jun 24, 2019 | Retirement Planning, Tax Tips
New 2019 contribution limits create retirement saving opportunity For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table below for the details: How can...
by somichcpa | May 29, 2019 | Individual Taxes, Tax Tips
For new parents, information is coming from every direction – feeding times, car seats, sleep schedules, strollers, child development and of course … taxes. What most new parents do not consider is that this little bundle of joy just complicated their tax...
by somichcpa | May 16, 2019 | Individual Taxes, Tax Tips
The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates...
by somichcpa | Mar 4, 2019 | Corporate Taxes, Individual Taxes, Tax Tips
Get Ready! Here Comes the New 1040… We are all in for a wild ride as we navigate the biggest tax overhaul in 30 years on a new Form 1040 with six new schedules. Now that the new Form 1040 is finalized, here are three main takeaways for this tax season: The main...
by somichcpa | Feb 5, 2019 | Corporate Taxes, Individual Taxes, Tax Tips
Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some of the forms that are likely to...
