November 6, 2018
As 2018 draws to a close and we are nearly one year into tax reform, the IRS is continually issuing various pieces of guidance and eduactional literature to help all of us navigate the complexities of the new law. We have found one such recent publication, "Publication 5307 - Basics for Individuals and Families", to be a good read for taxpayers. Whether or not you use a CPA or other tax preparer to prepare and file yoru tax returns, you might spend a few minutes glancing at Publication 5307 to better understand how the new law impacts your overall bottom line. An educated taxpayer is a saavy taxpayer and having a basic understanding of how tax reform impacts you can go a long way toward enhancing your opportunties for tax savings.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.