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Top Tax Issues

Posted by Express Tax & Accounting Services Views 881

The most recent IRS data shows that the average tax refund, for returns filed through February 22, 2019, is $3,143. That’s slightly higher than the averagerefund filed by roughly the same time in 2018: $3,013. The standard deduction amounts...

New Tax Pitfalls to Avoid

Posted by Express Tax & Accounting Services Views 643

Can you claim dependents in 2019? Here’s how it works out for the 2019 tax year. Let’s say you don’t have a childdependent. You‘ll still qualify for the EITC if your income does not exceed $15,570 for the year...

Pros and Cons of Muni Bonds

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Are muni bonds a good investment? Municipal bonds present several advantages over corporate bonds. While the interest on a corporate bond is likely to be higher, it’s not tax exempt. Mostmunicipal bonds are exempt from federal taxes...

7 Most Common Tax Mistakes

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7 Common Tax Mistakes to Avoid Like the Plague Overlooking Income. … Messing Up the Math. … Forgetting to Double-Check Numbers and Signatures. … Missing Out on Deductions and Credits. … Failing to Itemize Deductions...

5 Smart Uses For Your Tax Refund

Posted by Express Tax & Accounting Services Views 647

While filing taxes is a pain, receiving a refund is a sweet reward. As of March 29, 2019, the IRS has already issued over 59.9 million refunds, with an average check size of $2,873!* It’s a good idea to plan how you’ll “spend” the cash from your...

Corporate Tax Rates

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The small business tax rate for 2019 is a flat 21% for a C-corporation. On average, the effective small business tax rate is 19.8%. However, businesses pay different amounts in taxes based on their entities. Sole proprietorships pay a 13.3% tax...

What To Do If You Lost Your W-2

Posted by Express Tax & Accounting Services Views 532

Please see IRS Tax Tip 2018-30, February 27, 2018, IRS Can Help Taxpayers Get Form W-2 for updated information. IRS Tax Tip 2014-17, February 20, 2014 If you worked as an employee last year, your employer must give you a Form W-2, Wage and Tax...

Deducting Business Expenses

Posted by Express Tax & Accounting Services Views 579

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. What Can I Deduct? Cost of Goods Sold Capital Expenses Personal versus Business Expenses Business...

Top 9 Ways to Invest Tax Free

Posted by Express Tax & Accounting Services Views 1237

The Top 9 Tax-Free Investments Everybody Should Consider It’s no fun to pay taxes. With the right investment strategies, you can significantly minimize your tax liabilities. There are several investment options available, each with their own...

10 Sources Of Nontaxable Income

Posted by Express Tax & Accounting Services Views 1176

1. Disability Insurance Payments Usually, disability benefits are taxable if they come from a policy with premiums that were paid by your employer. However, there are some other categories of disability benefits that are nontaxable. If you...

Filling Out The W-9 Form

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Form W–9 is used to officially ask a person or business to provide their name, address, and taxpayer identification number so that the requesting party can properly issue tax documents to the IRS. Se Form W-9 to provide your correct TIN to...