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      2019

      SCAM ALERT: Fake Calls from Taxpayer Advocate Service

      Brinker Simpson, Tax Scams, 2019, Alert, New Scam, 2019 Alert, Taxpayer Advocate Service, Fake Calls

      Like clockwork, every year, there's a new twist on old scams. This year, it is the IRS phone scam whereby criminals impersonate IRS agents and make fake calls from the Taxpayer Advocate Service.

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      The Qualified Small Business Stock Exclusion

      Tax Breaks, Tax Planning for Small Businesses, Big 3, Tax Benefits, Small Business, 2019, Qualified Small Business Stock Exclusion

      As the driving force in today's economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you're a small business investor, here's what you need to know about this often-overlooked tax break.

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      Are Social Security Benefits Taxable?

      Tax-Tip Tuesday, Tax Benefits, Social Security, 2019, Taxable Social Security Benefits

      Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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      Deadline for Retirement Distributions - April 1st

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Retirement Distributions, Deadline

      In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019.

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      5 Frequently Asked Tax Questions in 2019

      Tax-Tip Tuesday, 2019, Tax Filing, Tax Questions

      In 2019, Americans around the world began filing their taxes under the new Tax Cuts and Jobs Act.   Some tax breaks have been eliminated or capped, while others have been expanded or introduced.

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      Avoiding the Penalty on Early Distributions

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Avoiding Penalty on Early Distributions, Distributions, Penalty Relief

      Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employer-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2?

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      Penalty Relief for Withholding: Estimated Tax Shortfalls

      Tax-Tip Tuesday, 2019, Tax Consequences, 2018 Tax Return, Penalty Relief for Withholding, Estimated Tax Shortfalls

      The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch:

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      Standard Mileage Rates for 2019

      Tax-Tip Tuesday, 2019, Standard Mileage Rates

      Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:

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      Like-kind Exchanges are Limited to Real Property

      Important Tax Changes 2018, Big 3, 2019, Like-Kind Exchanges, Limitations

      The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. One tax provision that taxpayers should be aware of is that like-kind exchanges are now generally limited to exchanges of real property. Here's what you need to know:

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      Important Tax Changes for Individuals and Businesses for 2019

      Planning for Tax Changes, Important Tax Changes 2018, Big 3, 2019

      Every year, it's a sure bet that there will be changes to current tax law and this year is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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      Tax Consequences of Losing your Job

      Taxes, Tax-Tip Tuesday, 2019, Losing Your Job, Tax Consequences

      If you've lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

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