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Learn about the IRS’s CP2000 letter and how to respond to it. Contact the IRS via the phone number on the letter for the fastest results.
A short video clip to help our clients to understand which business structure serves their business better, S-corp or LLC.
Check with Your Accountant before the End of 2019 Tax Season:
Do I have the correct taxing entity as we enter 2019?
What changes can I implement now, so I can benefit from the 20% pass-through deduction?
If I have an S corporation, what is the reasonable compensation you would recommend?
If my practice operates as an LLC, what should my guaranteed payment be?
Does it make sense to elect to use Section 179 depreciation for 2019?
Should I consider electing out of the bonus depreciation?
If I have debt on my practice, should I consider bonus depreciation and/ or Section 179 depreciation?
Does it make sense to title my automobile in my practice's name and depreciate it accordingly?
IRS Tax Tips (Part One)
The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why we might send you a notice. Here are the top tips to know in case you get one.
1- Don’t panic. You often can take care of a notice simply by responding to it.
2- An IRS notice typically will be about your federal tax return or tax account. It will be about a specific issue, such as changes to your account. It may ask you for more information. It could also explain that you owe tax and that you need to pay the amount that is due.
3- Each notice has specific instructions, so read it carefully. It will tell you what you need to do.
4- You may get a notice that states the IRS has made a change or correction to your tax return. If you do, review the information and compare it with your original return.
5- If you agree with the notice, you usually don’t need to reply unless it gives you other instructions or you need to make a payment.
6- If you do not agree with the notice, it’s important for you to respond. You should write a letter to explain why you disagree. Include any information and documents you want the IRS to consider. Mail your reply with the bottom tear-off portion of the notice. Send it to the address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.
7- You won’t need to call the IRS or visit an IRS office for most notices. If you do have questions, call the phone number in the upper right-hand corner of the notice. Have a copy of your tax return and the notice with you when you call. This will help the IRS answer your questions.
8- Always keep copies of any notices you receive with your other tax records.
9- Be alert for tax scams. The IRS sends letters and notices by mail. The IRS does not contact people by email or social media to ask for personal or financial information.
10- For more on this topic visit IRS.gov. Click on the link ‘Responding to a Notice’ at the bottom left of the home page. Also, see Publication 594, The IRS Collection Process. You can get it on IRS.gov/forms at any time.
irs.gov The official source of IRS tax forms and publications. The links provide methods to access and acquire both electronic and print media.
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"Child tax credit and additional child tax credit. For 2018, the maximum credit increased to $2,000 per qualifying child. The maximum additional child tax credit increased to $1,400. In addition, the income threshold at which the credit begins to phase out is increased to $200,000 ($400,000 if married filing jointly)."
irs.gov Steps to Take Now to Get a Jump on Next Year’s Taxes
(The new deduction -- referred to as the Section 199A deduction or the deduction for qualified business income -- was created by the Tax Cuts and Jobs Act. The deduction is available for tax years beginning after Dec. 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.
The deduction is generally available to eligible taxpayers whose 2018 taxable incomes fall below $315,000 for joint returns and $157,500 for other taxpayers. It’s generally equal to the lesser of 20 percent of their qualified business income plus 20 percent of their qualified real estate investment trust dividends and qualified publicly traded partnership income or 20 percent of taxable income minus net capital gains.
Deductions for taxpayers above the $157,500/$315,000 taxable income thresholds may be limited. Those limitations are fully described in the proposed regulations.
Qualified business income includes domestic income from a trade or business. Employee wages, capital gain, interest and dividend income are excluded.)
irs.gov IR-2018-162, Aug. 8, 2018 — The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.
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Nicolette Financial is a fee-only independent financial planning firm specializing in Wealth Management, Retirement Planning, and Tax Preparation & Filing.
Professional Tax & Accounting Services for Individuals & Small Businesses
Tax preparation, planning and strategy for individuals and small businesses.