New Year New Form W-4

Going into the 2020 New Year you will see changes to more than just resolutions. The 2020 Form W-4, Employee’s Withholding Certificate, is quite different from the previous versions. This new form comes from a federal tax law change that took place back in 2018. While the IRS is not requiring all employees to use… Read more »

3 last-minute tips that may help trim your tax bill

If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest… Read more »

Charitable Contributions – The Effects of the Tax Cuts and Jobs Act of 2017

Almost a year ago, I wrote an article discussing the changes the Tax Cuts and Jobs Act of 2017 made to the deduction for charitable contributions starting for tax year 2018. In early 2019, while giving a brief presentation to a local fundraising professional’s organization on the charitable contribution changes, I was asked what changes… Read more »

IRS Error in Tax Calculation in Schedule D Tax Worksheet (Form 1040)

Virginia Mailing Tax Relief Checks to Taxpayers We wanted our clients to be aware that, due to an error on the Schedule D Tax Calculation Worksheet, you may see an unexpected surprise in the mail. The IRS is reviewing all potentially affected returns and issuing checks for any overpayments. Taxpayers reporting long-term capital gains and… Read more »

Is your accounting software living up to the hype?

Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your accounting software living up to the hype? If not, there are a couple of relatively simple steps you can… Read more »

What is the Legacy You are Leaving to Your Family?

As a CPA, I often talk to our clients about wealth transfer, avoiding probate, and minimizing estate and income tax. Understanding client desires and family dynamics has always been a part of that process. However, rarely do we discuss the stories, wisdom, and recipes accumulated over a lifetime and passing that to the next generation…. Read more »

Qualified Opportunity Funds and the Opportunity for Large Tax Savings

Background Congress enacted a new provision as part of the Tax Cuts and Jobs Act that provides tax incentives for investment in economically distressed communities. This provision allows for both gain deferral and gain exclusion, which have the potential to generate large tax savings for investors. To access these tax savings, investors need to understand… Read more »

Converting IRAs from traditional to Roth

Converting your traditional IRA funds into a Roth IRA could have significant tax benefits to yourself and your family members, if planned correctly. Thanks to the Tax Cuts and Jobs Act (TCJA), there is an opportunity to take advantage of historically low tax rates before the rates are scheduled to reset to the previous levels… Read more »

Will You Need to Amend Your 2018 Tax Return?

Most taxpayers believe that when they file their taxes each year that they are done. The exceptions to this would be receiving corrected information, forgetting to include an item of income or claiming a missed deduction. For the 2018 tax year, there is one more reason. There were several provision in the IRS tax code… Read more »

The Dreaded Tax Notice – What To Do Next

The relief of filing your tax return can be short lived if a tax notice is received. Technology and additional filing requirements have increased the amount of data the IRS and your home state has to compare to your tax filing. Although your tax filing may not be wrong, it may not match up to… Read more »