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Hope this tax season is treating everyone kindly! Have a little laugh with me with this tidbit! The difference between dog people and cat people: Dog people wish their dogs were people, cat people wish they were cats -@simonsinek

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THURSDAY TAX TIDBITS

Tax Law Changes: Meals and Entertainment   Under the Trump Administration, the new tax Act creates stricter limits on the deductibility of business meals and entertainment expenses. As a business owner, you can still deduct your meals, but no longer entertainment. For example, if you take your team to a baseball game, you can write-off the hot dog, but not the game. Entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the benefit of the taxpayer’s employees, other than highly compensated employees”. (i.e. office holiday parties are still deductible). Business meals provided for the convenience of the employer are now only 50% deductible whereas before the Act they were fully deductible. After 2025, those meals will be nondeductible. These new rules should be kept in ...
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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 offers   the taxpayer a free, secure way to pay directly from their bank account. Users can also make a   credit 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 as   watch helpful videos and access IRS tweets. Taxpayers can also use the app to...
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Attention Seniors: New Form 1040-SR

New Form 1040-SR, alternative filing option available for seniors! WASHINGTON ― The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use. The Bipartisan Budget Act of 2018 required the IRS to create a tax form for seniors. Taxpayers age 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors. Form 1040-SR, when printed, features larger font and better readability. Taxpayers who electronically file Form 1040-SR may notice the change when they print their return. More than 90% of taxpayers now use tax software to prepare and file their tax return. Taxpayers born before Jan. 2, 1955, have the option to file Form 1040-SR whether they are working, not working or retired. The form allows income reporting from other sources common to seniors such as investment income, Social Securit...
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