Archive for Tax Returns

Early 2018 Tax Updates and Announcements

Several key points of tax information for 2018 have already been released.  The first point is that the Social Security Administration announced that there will be a 2% increase in the monthly social security benefit checks starting in January, 2018.  The downside is that there will also be an increase in the 2018 monthly Medicare cost that is automatically deducted from your social security check.  In some cases, the increase in Medicare insurance cost will pretty much wipe out the 2% increase. (more…)

Posted in: Obamacare, Tax Laws, Tax Returns

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Documenting Your Travel Expenses

Travel expenses are a high priority issue on IRS audits.  As such, as you go through the year, be sure to keep complete records for all of your business related travel, whether it is to attend seminars, conventions, trade events, or a general business meeting. Complete records include all receipts, hotel charges, airline ticket receipts, a log of any car mileage incurred and event flyers or promotional material showing that there was an actual event that took place.  The IRS wants to be sure the travel expense was tied to a trip or event. (more…)

Posted in: IRS, Tax Returns

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Upcoming Changes In Tax Return Filing Due Dates

On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Included in this law is a requirement to change the tax return filing date of businesses operating as Partnerships and as “C” corporations beginning with the 2016 reporting year. Although this change is still 18 months away, we must begin to prepare for it now. This is an unprecedented change. (more…)

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