Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business. Here are some questions and answers [...]
IRS Tax Tip 2018-182 discusses the new child tax credit rules. Bottom line is that more people should get the full $2,000 credit per child as the income threshhold has increased to $200,000 single and $400,000 married filing jointly. There is a dependent credit of $500 per person that does not fall under the "child" [...]
IRS PUBLICATION: Issue Number: Tax Tip 2018-10 Inside This Issue Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents [...]
Counties are making changes that will benefit the seniors when it comes to real estate taxes. To date Cook County increases the Homestead Exemption to $10,000 (this applies to all owner occupied residences), the Senior Exemption increases to $8,000 and the Senior Freeze income threshold increases to $65,000. It appears that all counties will increase [...]
IRS ANNOUNCES JANUARY 29, 2018 TO BEGIN ACCEPTING E-FILES. Don't let that stop you! Merlak Tax officially starts tax appointments on January 15, 2018. If you have all your forms its not too early to schedule your appointment. Click here for our online scheduler or call 779-220-9608. IMPORTANT- IRS ANNOUNCES refunds will be delayed until [...]
Do you claim the child tax credit and/or earned income credit? Don't expect an early refund. Read IRS news on when to expect your refund by clicking here.
Here are some tax tips from the IRS to review and act upon prior to 12/31/2017. CLICK HERE for full article. I have received numerous calls on whether to prepay real estate taxes prior to yearend. It appears that most counties are allowing this. We have run out of time to analyze each specific situation [...]
The IRS has several published new topics that I feel are important to my tax clients. The first that I am sharing is on E-Filing and using Direct Deposit. CLICK HERE to read the full IRS article.
The tax code is complicated especially for retirees. Taxes could be your biggest expense in retirement. Would it make sense to know what this expense truly is and how you may be able to reduce it? Complimentary reviews through December. Schedule your power session today! Click LITH or ELM to set a time. READ MORE: https://www.fool.com/taxes/2017/07/09/how-to-minimize-taxes-in-retirement.aspx
Divorce or Separation May Affect Taxes Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include it in income. Name or address changes and individual retirement [...]
