Tax Cuts and Jobs Act of 2017: What it means to you and your business
Zinner & Co. Tax Department tax services , Brett W. Neate , Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - IndividualCongress is enacting the most sweeping tax legislation in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there is still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way.
Taxpayers Who are Victims of Domestic Abuse Should Know Their Rights
Zinner & Co. Tax Department Taxes - Planning, Rules and Returns , Taxes - Individual , IRSHurricane Tax Provisions Included in Bill Passage
Zinner & Co. Tax Department Brett W. Neate , Taxes - Planning, Rules and ReturnsDisaster Tax Relief and Airport and Airway Extension Act of 2017 expands the application of disaster-related tax relief to the hard-hit US Virgin Islands and Puerto Rico.
IRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible; Extension Filers Have Until Jan. 31 to File
Zinner & Co. Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual , IRSAug. 28, 2017 WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.
7 Mid-year Tax Tips Everyone Should Consider
Zinner & Co. Tax Department Taxes - Planning, Rules and Returns , Taxes - IndividualThinking about income taxes should not just be an end-of-year or pre-April-15-panic occurrence. The well-informed taxpayer will think about these seven mid-year tax tips that could help save on his next income tax filing, as well as yours.
Do You Have an HSA? What you need to know about the 2018 limits
Zinner & Co. HSA , Taxes - Planning, Rules and Returns , Taxes - IndividualThe 2018 health savings account (HSA) guidelines were recently released by the Internal Revenue Service (IRS). These guidelines outline the inflation-adjusted contribution, deductible, and out-of-pocket spending limits for Health Savings Accounts (HSAs) and high-deductible health plans (HDHPs) for calendar year 2018.
Why Your 401(K) Plan May Not Be the “End-All Be-All” For Your Retirement
Zinner & Co. Tax Department Brett W. Neate , Taxes - Planning, Rules and Returns , Retirement Planning & IRAsSince their inception via the Revenue Act of 1978, 401(k) plans have been great tools to help workers save for retirement. While a 401(k) plan has many advantages, there are also some drawbacks to them that one should consider when creating a comprehensive retirement-strategy.
The advantages of a 401(k)
The basic concept of a 401(k) plan is to allow workers to make pre-tax contributions to the plan from their paychecks. As a result, money contributed is not included in their taxable income for that year.
Relief from a Tax Penalty You May Not Have Even Known About
Zinner & Co. Tax Department Taxes - Planning, Rules and Returns , Retirement Planning & IRAsDid you know that small businesses that fail to file their annual retirement plan returns can face hefty fines of up to $15,000 per return? Our tax team has helped small businesses plan and prepare their annual plan returns.
Fortunately, the Internal Revenue Service recognizes that some businesses may not even realize that this requirement applies to them. As a result, a tax penalty relief program allows them to pay $500 per return for late filings, up to a maximum of $1,500. The relief is aimed at small businesses whose plans cover a 100% owner or partners in a business partnership, and their spouses.
The U.S. Department of Labor also has a relief program for businesses that have employees. If you’re not sure whether the requirements—or the relief programs—apply to you, be sure to contact us. We can offer advice on how to remain in compliance with critical regulations and minimize your tax outlays.
Forget the Cards, Candy and Flowers - What your CPA really wants to see in February
Zinner & Co. Taxes - Planning, Rules and ReturnsMany business owners stress over gathering receipts, recalculating figures and some even lose sleep over filling out their tax yearly organizer. But did you know, there are five things your CPA really wants to see when you submit your information so that he or she can start to work on your taxes? Let’s take a look...
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