Skip to main content

Posts

Showing posts from July, 2018

Bonus tip!

With today's fast-paced life, we often find ourselves facing obstacle after obstacle, and task after task. All of our challenges make it easy to focus on the negativity and complain. So to look at the bright side of things, here's a list of five things to do instead of complaining: Practice Gratitude - If you focus on the positive, you can’t be negativePraise Others - Think about what others are doing right and encourage their personal growthFocus on Success - Before going to bed, reflect on one great thing about your day. Be proud of what you did and motivate yourself to do more tomorrowLet Go! - Focus on the things you can change and have control overPray and Meditate - This daily practice helps reduce stress and boost positive energy.

Challenge yourself and try to implement one of these tips in the next week!

THURSDAY TAX TIDBITS

How to: Notice red flags and avoid scams!
Summertime tends to be a period when thieves increase their scam attempts. They try to obtain peoples’ Social Security numbers, account information and passwords. To avoid these scams, remember these signs!
The IRS and authorized private collection agencies will never: Call to demand immediate payment using a specific method such as a prepaid debit card, gift card or wire transfer. Normally, the IRS mails a bill and the payments are made payable to the U.S Treasury. Never make checks to other partiesThreaten to immediately bring in the local police or other law-enforcement groups to have the taxpayer arrested for not payingDemand that taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owedAsk for credit/debit card numbers over the phoneUse email, text messages, or social media to discuss personal tax issues, such as those involving bills or refunds

If you believe you may owe taxes, then you can: View tax …

THURSDAY TAX TIDBITS

Tax Law News: Four States Sue the IRS

The IRS is being sued? How and why? The states: Connecticut, Maryland, New Jersey, and New York have filed a federal court lawsuit to eliminate the cap on state and local taxes (SALT) deductions under the new tax law. In the past, there wasn’t any specified limit to the quantity of taxes one could claim, however now, married taxpayers cannot claim more than $10,000. This can mean a higher federal tax liability for some taxpayers. Not only us this inconvenient for individuals, but it will also cause major social issues. In fourteen states, the SALT cap will drop home values, which leads to a huge loss in societal home equity value. For additional information, check out Forbes article with more details: https://www.forbes.com/sites/kellyphillipserb/2018/07/17/states-sue-irs-treasury-to-strike-down-salt-cap-under-new-tax-law/#54061fa55303

THURSDAY TAX TIDBITS

Tax Law Changes: Auto Deductions
The biggest change in deducting automobiles is an increased deduction for car depreciation for cars used for business. This change may make business owners consider buying cars versus leasing. With Trump’s tax plan, you can take an $18,000 deduction for a new car the first year you own it.
Bigger depreciation allowances for passenger vehicles For both new and used passenger vehicles that are acquired and placed in service after 12/31/17 and used over 50% for business, the Tax Cuts and Jobs Act dramatically and permanently increases the auto depreciation allowances. For vehicles placed in service (put to business use) in 2018, the maximum allowances are:
* $10,000 for Year 1 or $18,000 if you claim first-year bonus depreciation (see below). * $16,000 for Year 2 * $9,600 for Year 3 * $5,760 for Year 4 and thereafter until the vehicle is fully depreciated
If you don’t use the vehicle 100% for business, these allowances are cut back proportionately. These …

THURSDAY TAX TIDBITS

How to: Make taxes easier! Download and use the new IRS app!
Anyone with tax questions can just grab their phone for answers. The IRS has a mobile app, IRS2Go, is available for free to use on Android and iOS devices. Taxpayers use the app to:
 Check the status of their refund. Taxpayers can check on their refund status within 24 hours after the IRS receives their e-filed return, or about four weeks after mailing a paper return.
 Make a payment. The app offers easy access to mobile-friendly payment options like IRS Direct Pay. This offersthe taxpayer a free, secure way to pay directly from their bank account. Users can also make acredit or debit card payment through an approved payment processor.
 Get Helpful Tips and Information. Taxpayers can use the app to link to IRS accounts on social media. Users can do things such aswatch helpful videos and access IRS tweets. Taxpayers can also use the app to sign up toreceive IRS Tax Tips by email.
 Stay Secure. Users can use IRS2Go to create …