Blogging Beyond the Numbers

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. ...

The Tax Cuts and Jobs Act (TCJA) has reduced most income tax rates and has expanded on some tax breaks, it still has limits.  It has eliminated several itemized deductions that have been valuable to several individual taxpayers.  There are five deductions that most will see lower or disappear from your 2018 income tax return: State and local tax deduction.  For tax years 2018 through ...

Are you confused about the 2019 tax brackets, itemized deduction vs. standard deduction, and what you need to be bringing to get your taxes done? Watch as Emily and Abby explain in non-accountant terms what you need to know as you prepare to file your taxes this year! https://youtu.be/Q5yI4K3e8Cw ...