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Philip L. Liberatore, CPA Blog

Winners & Losers Under Trump’s Tax Law

Tax day is just a couple days away and we have already seen some surprises for people filing their first income tax returns under President Donald Trump’s 2017 law. Most Americans are paying less in taxes overall and have been startled to find that their refunds have barely changed or are down — making them … Read More

The Tax Filing Deadline Is Around the Corner

Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Estimated Tax Payments for the First Quarter of 2019 Individual Refund Claims for the 2015 Tax Year As a reminder to those who have not yet filed their 2018 tax returns, April 15, is the due date to either file a return (and pay … Continue reading Read More

IRS Warning on New Phone Scam

The Internal Revenue Service (IRS) has issued a warning about a new twist on the old IRS impersonation phone scam. In this version of the scam, criminals try to convince taxpayers that they are calling from the Taxpayer Advocate Service (TAS). The TAS is an independent organization within the IRS. Its missions is to protect your rights … Read More

It’s Not Too Late to Make a 2018 Retirement-Plan Contribution

Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save for it. Some people even ignore the issue until late in life, which causes them to scramble to fund their retirement. Others … Read More

March 2019 Business Due Dates

March 1 – Farmers and Fishermen File your 2018 income tax return (Form 1040) and pay any tax due. However, you have until April 15 (April 17 if you live in Maine or Massachusetts) to file if you paid your 2018 estimated tax by January 15, 2019. March 4 – Applicable Large Employer (ALE) – Form … Continue...

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Relief from the Affordable Care Act Penalty for Not Being Insured

Article Highlights: Tax Reform Penalty for Not Being Insured Premium Tax Credit Employer Penalty Coverage Exemptions Hardship Exemptions Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as … Read More

Phil Liberatore featured on Politics and Profits

Politics & Profits with Rick Amato  Watch this short video clip as Phil Liberatore explains the reasons why Americans are receiving smaller refunds or no refunds this tax filing year. According to IRS data for the second week of this year’s filing season, the average federal tax refund amount was down 8.7%, to $1,949, compared with … Read More

Tax Benefits of Home Ownership

As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year. Mortgage Interest – Prior to the tax reform, a taxpayer could deduct the interest he … Read More

Filing a 1099-MISC May Now Apply to Landlords.

Are You Collecting the Needed W-9s? Article Highlights: $600 Threshold Exceptions Form W-9 Impact of Tax Reform 1099-MISC Filing If you use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or more for the year, you are required to … Continue reading...

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2019 NEW YEAR TAX PLANNING LETTER

Dear Client, We have just posted the 2019 NEW YEAR TAX PLANNING LETTER on our website. Here are headlines from the Letter. To read any of these articles, click HERE. Will these new changes alter your 2019 tax plan? Although it’s been a year since we’ve seen major tax legislation, there are a few big … Read More

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