A nice little write-up about the effects of the new tax law on personal exemptions and tax credits for dependents. As always if you have questions, feel free to contact us today!

Certain employees need to be aware that the out-of-pocket expenses they incur related to their jobs were eliminated by the new tax plan for 2018. Please let us know if this affects you as there are ways to get around this change so that you don’t end up paying higher taxes in 2018. Click the link below to learn more about these changes and contact us to schedule an appointment.

Verizon, Yahoo’s parent company, has reviealed that every single Yahoo email account was hacked. This is three times more accounts than initially reported in when the breach was announced in 2016. Stolen information included usernames and passwords to email accounts. If you have an account change your password to prevent any unwanted access to your emails.

The Affordable Care Act requires that taxpayers file an additional form beginning this year to report whether they were covered by health insurance. In most cases, there is a penalty for not having coverage.

For the convenience of our clients, we offer extended office hours during peak tax season. As always, if you have a question please call or stop by.

February 1st through April 15th
Monday through Friday 9:00am – 6:00pm
Saturdays 9:00am – 12:30pm

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As usual, Congress made a few changes to the tax code. Among the most surprising was the continuance of the $1,000 Child Tax Credit, which had been reduced to $500 in the original tax code for 2013. Also surviving any changes was the extension of the College Education tax credits through 2017. Additionally, the student loan interest deduction was set to expire, but it received an extension. As always, we are here to answer any questions that you have about how the tax law and its changes affect you.

The fiscal cliff has been used by the IRS as an excuse for the delay of tax refunds, but we may never know for sure. This article from Politico indicates that IRS furloughs could be to blame:

“Law-abiding taxpayers could shoulder the brunt of the blow when the sequester hits the Internal Revenue Service Friday — and tax cheats might find it easier to rig the system. It’s a little-discussed risk of the automatic budget cuts — and yet, another smack to the already battered 2012 tax filing season.”

This article by the Los Angeles Times points to the fiscal cliff as the reason:

“Don’t worry if you haven’t received your expected IRS tax refund. Most people haven’t — and the fiscal cliff is to blame. The Internal Revenue Service is far behind its normal pace in processing federal tax returns and mailing billions of dollars in refunds, according to a new report. Through Feb. 3, the agency sent out only about $4.3 billion in refunds, according to the analysis by Nicolas Colas, chief market strategist at ConvergEx Group in new York.”