Blogging Beyond the Numbers

It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days (quicker if you e-filed your return). However, it may take longer — and in rare cases, refunds might not come at all. Check Refund Status Online If you’re curious abo...

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500.    Tax credit basics You can claim the federal tax credit for buying a qualifying new (not u...

Did you end up owing tax this year, or receiving a very large refund? You may want to check your W-4 form and make some adjustments to your withholding. If you're not sure what you should be claiming (or what a W-4 form is), watch this video as Abby and Emily break it down for you! https://youtu.be/_cOpGNJ9aUQ ...

Just a friendly reminder that effective April 1, 2019, California joins 37 other states who previously adopted economic nexus rules for sales & use tax purposes as a result of the South Dakota v. Wayfair decision.  This means out-of-state retailers selling above certain thresholds are required to collect California use taxes on their sales into California even if they have no physical presence in Ca...

If you participate in a qualified retirement plan, such as a 401(k) or 403(b), you generally need to begin taking distributions from the plan no later than April 1 of the year after you turn age 70½. However, like most rules there’s an exception. This exception applies to certain plan participants who are still working for the entire year in which they turn 70½. RMD Basics Required minimum distr...

If you are a parent of a child age 17 to 23 and you pay over half of his or her living expenses you are eligible for the lower $500 other dependent credit.  The Tax Cut and Jobs Act (TCJA) increased the child credit to $2000 per qualifying child under the age of 17.  The income phase out was substantially increased so more people qualify for it.  TCJA eliminated dependency for children f...

It’s not just businesses that can deduct vehicle-related expenses. Individuals can also deduct them on their tax returns in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce the deduction in comparison to what could have been claimed on prior years’ tax returns. For 2017, miles driven for business, moving, medical and charitable purposes were deductible depending on...

If you gifted cash or other property to others in 2018, you may have a gift tax filing requirement.  Gifts may also include interest-free loans or below-fair-value sales.  The receipt of an inheritance is not considered a gift.  How are gifts taxed to the recipient? Gifts are not taxable income to the recipient of the gift, no matter how large the gift.  However, for appreciated ...

Be aware of March 15th! If you have historically struggled to remember the due date of your tax return, this year will be no different. The new due date for calendar year pass-through entities (partnerships and S Corporations) is March 15th. When did this change happen? Until the 2016 tax year, partnerships shared the April 15th deadline with individual taxpayers. One of the primary reasons for movin...

The IRS announced that it will waive the estimated tax penalty for Farmers and Fisherman if they file their 2018 income tax return and pay the tax due by April 15, 2019 instead of the normal due date of March 1.  Wisconsin announced it will follow the IRS extension.  For more information on this last minute extension, please contact us. ...