2018 tax season was challenging for many due to the impact of the TCJA and the new tax laws associated with it. Though it was a tough road for many, some had the best tax season they have ever had. Why? Simply put - they were prepared. Tax planning can go a long way and save you a lot of money.
Thank you goes out to everyone that chose Tax Largie, Inc. as their business professional of choice. I look forward to working with you all, soon.
You should have all filed your Business Tax Returns by now. If not, what are you waiting for? I hope you're not saying, "Oh, I'll just filed an extension - again!" If that's your thought, then shame on you.
Business Tax Returns Due:
Partnership returns are due March 15th!
S-Corporations returns are due March 15th!
You have until Friday, folks! Let's get to work.
Tax Largie, Inc. is here to help! Contact us!
That's right folks! With the right tax professional, you stand a chance of benefiting from several tax credits available to you, both from a business and individual tax credit perspective.
Hopefully, your Business Tax Professional is familiar with all those credits and seek to ensure you receive every penny you are eligible for and deserve to receive.
Yes, the work can be time-consuming; may require higher level tax knowledge; may cost a little more in fees, but it's well worth the benefit of it being done right.
Tax Largie, Inc. is available to assist you with your tax preparation needs, both business taxpayers and individual taxpayers. Contact us; we can help!
"Oh, snap! Tax season is here again!"
That's right folks! It's time to e-file your tax returns, starting January 28, 2019.
Everyone is worried about the government shutdown and how it will affect their tax refunds this filing season. In summary, the IRS will begin accepting tax returns as of January 28th, 2019! Likewise, "The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns." (IRS)
Noteworthy, the IRS will be waiving, "...the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year." (IRS). Therefore, if you were one of those individuals that did not adjust your withholding to accommodate the tax changes provoked by the TCJA on December 2017, you're in luck - this year!
Because of the unpredictable nature of the government shutdown, changes could possibly occur. An update will be given should that happen.
Entrepreneurs, there are a lot changes happening for you this year. In short, get a CPA. It's time! Tax Largie, Inc. is available to assist you with your bookkeeping, payroll, business and individual tax preparation needs. You may also visit our Service Plan Fees tab for services that suit your business. Then, let's talk about getting you started. Contact us!
Have a Great Season!
Some Quick Updates:
Child Tax Credit increase from $1,000 to $,2000! Remember, this is in addition to the $500 for dependents that didn't qualify for the Child Tax Credit. Not bad, huh? Of course not!
Taxpayers with No Tax Due can still be eligible for a refund of up to $1,400! However, you will only get the refund - if you file a tax return.
401K contributions limit increased from $18,500 to $19,000! Take advantage.
IRA contributions limit increased from $5,500 to $6,000! Take advantage.
ITIN Folks - Make sure you renew asap or prior to year-end.
One easy way to maximize your refund and avoid delays of receiving it is to merely have a folder or place where you keep all your current year tax documents, such as your 1095-A (healthcare), 1099-R (retirement), and if you're self-employed and do not have a bookkeeper - get one! You're throwing away money without knowing.
Prior Year Tax Returns - if you have prior year tax returns that you need help with resolving issues associated with them, call us. We'll get it rectified for you. Simply send us an e-mail at email@example.com or call us at (786) 715-6781.
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