Cloverdell ESAs and 529 Plans are great ways to save for college. The investments can grow tax-free in stocks, mutual funds, bonds, and variety of investment vehicles. However, these savings plans may impact financial aid and needs-based scholarship eligibility. Therefore, most financial advisors recommend that parents max out their 401k and IRA contributions before contributing … Read more
The whistleblower program is one of the weapons used by the IRS to detect underpayments of tax and violations of the internal revenue laws. The program is based on the principle “if you know something, say something.” The statute provides that if the IRS institutes an administrative or judicial action against a taxpayer and collects … Read more
As Dorian threatens and with the peak of hurricane season just ahead, the Internal Revenue Service posted a reminder to everyone to develop an emergency preparedness plan. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. Taxpayers can begin getting ready for a disaster with a preparedness … Read more
What is bookkeeping? Bookkeeping refers to the process of recording monetary transactions. This record-keeping process is usually done by a bookkeeper and the information is then input on a tax return by an accountant. Although online accounting software options now widely available, many small businesses still rely on “shoe box” record accounting. Before modern boookkeeping … Read more
As of March 2019, U.S. student loan debt amounted to $1.6 trillion in federal and private student loan debt.
On July 11, 2019 the President of the American Federation of Teachers, AFL-CIO filed a lawsuit against the U.S. Department of Education (ED) for gross mismanagement of the Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (EPSLF) programs.
President Trump declared a major disaster in Muskogee, Tulsa and Wagoner counties.
Residents who live or have a business in these counties may qualify for the following tax relief:
The Treasury Department and the IRS are working to incorporate changes into the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The current 2019 version of the Form W-4 is similar to last year’s 2018 version.
The IRS is working closely with the payroll and the tax community as it makes additional changes to the Form W-4 for use in 2020.
There are several different types of tax deductible car and truck expenses that individuals and business taxpayers are eligible to deduct on their return. The record-keeping requirements are the same no matter what type of tax deductible car and truck expenses you claim.
There are two methods of claiming car and truck expenses. You can either claim standard mileage or actual expense. The IRS standard mileage rate differs year-to-year.
Harvey Disaster Areas
In Texas : Aransas, Austin, Bastrop, Bee, Bexar, Brazoria, Burleson, Caldwell, Calhoun, Chambers, Colorado, Comal, Dallas, De Witt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Grimes, Guadalupe, Hardin, Harris, Jackson, Jasper, Jefferson, Jim Wells, Karnes, Kleberg, Lavaca, Lee, Liberty, Madison, Matagorda, Milam, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Augustine, San Jacinto, San Patricio, Tarrant, Travis, Tyler, Victoria, Walker, Waller, Washington, and Wharton Counties.
In Louisiana : The parishes of Acadia, Allen, Assumption, Beauregard, Calcasieu, Cameron, DeSoto, Iberia, Jefferson Davis, Lafayette, Lafourche, Natchitoches, Plaquemines, Rapides, Red River, Sabine, St. Charles, St. Mary, Vermilion and Vernon.