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 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...Read More
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 …
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
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
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...Read More
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
We have just posted the MARCH 2018 issue of the ONLINE ADVISOR newsletter on our website. Here are a few headlines from that issue. To read any of these articles, click on the link at the end of this email. ALERT: EXPIRED HOME AND EDUCATION TAX BREAKS REVIVED Congress passed a federal budget bill in … Continue reading
Dear Client, We have just posted the 2018 NEW YEAR TAX PLANNING LETTER on our website. Here are headlines from the Letter. To read any of these articles, click on this link: http://www.planningtips.com/Planning_Tips.asp?Co_ID=42935&Tip_ID=4422 ARE YOU READY FOR THE 2018 TAX ACT CHANGES? Major tax law changes are capturing the headlines lately, and with good reason. …
Phil L. Liberatore CPA, A Professional Corporation is working hard to keep you informed and up to date on current tax and accounting news potentially affecting you, your families and your business. THE TAX REFORM BILL PASSED CONGRESS – What should I do? Congress has put a bow on the biggest tax cut bill since 1986.It is estimated that …
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