by Accent452023 | Feb 20, 2019 | Tax Central, Tax Reform, Taxes
If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 from $2,135 in the prior year. In addition, the number of returns filed so...
by Accent452023 | Feb 14, 2019 | Health Care, Medical, Tax Central, Tax Reform
Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as of 2019 does not impact the...
by Accent452023 | Feb 12, 2019 | Home & Mortgage, Tax Central, Tax Reform
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year. Mortgage...
by Accent452023 | Dec 19, 2018 | Business, Tax Central
The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year. As it does annually around the end of the year, the IRS...
by Accent452023 | Dec 16, 2018 | Tax Central, Tax Planning, Taxes, Video & InfoGraphics
If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to...
by Accent452023 | Dec 11, 2018 | Business, Tax Central, Tax Planning
Just a reminder that the last day you may make a tax-deductible purchase, pay a tax-deductible expense, take advantage of tax credits, or make tax-deductible charitable contributions for 2018 – is December 31. Every taxpayer’s situation is unique, and the...
