Most of the actions you can take to reduce your tax bill have to happen by the end of the taxable year (a.k.a. December 31st.) However, there are still a few opportunities to save money on your taxes this year. The changes from the Tax Cuts and Jobs Act mean that many Americans will see a lower refund or end up owing this year. So this is a good time to do what you can to save yourself a little Continue Reading
Tax Cuts and Jobs Act – What You Should Know
The Tax Cuts and Jobs Act is one of the most drastic tax overhauls since President Bush’s changes in 2001 and 2003. Here are some of the highlights that might affect you, your family or your business: Tax Cuts and Jobs Act For Corporations and Small Businesses: Overall, the Tax Cuts and Jobs Act is a win for corporations. Corporate America’s tax rate dropped from 35 percent to 21 percent Continue Reading
Your Tax Refund: How to Use It
Another tax season has come and gone, and if you're receiving a tax refund, you may be wondering what to do with it. First of all, if your refund seems too large, you might want to check your withholdings. That money could be better spent throughout the year. If you've had any major life changes - marriage, divorce, new baby, new job - make sure your W4 reflects that. The same Continue Reading
Tax Season: Prep Help for Last-Minute Tax Filing
It's tax season, and the deadline is just a couple weeks away! Maybe you were busy with work, you were still waiting to compile important documents, or you forgot about tax time altogether. Whatever the reason, last-minute tax filing is common; according to the Internal Revenue Service, 20-25% of Americans wait until the first two weeks of April to file. When it's this late in the game, you've Continue Reading
Tax Prep Tips for the Self-Employed Physician
If you're a self-employed physician or small business owner, then you know your taxes are more involved and complicated than when you work for someone else. There are more details to track, prepare and prove when it comes to tax time. So how do you cover your bases? Here are some tips to get your taxes ready, plus input from John McCarthy of McCarthy Tax Preparation. 1. Be Prepared for Estimated Continue Reading