2018 Changes due to the Tax Cuts and Jobs Act (TCJA) On December 22, 2017, the President of the United States signed into law major tax reform in the Tax Cuts and Jobs Act (TCJA). The TCJA made widespread changes to the Internal Revenue Code which will affect your 2018 tax return. Here are some of the more common changes that could affect your tax return. Changes affecting most taxpayers Personal exemption rate is [...]
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New Tax Laws On December 22, 2017 President Trump signed into law the “Tax Cuts and Jobs Act” (TCJA) (P.L. 115-97). Below are some of the individual changes under the new law. Keep in mind that some of the tax provisions of this new law are permanent, however, most of the tax provisions only apply to for tax years 2018 - 2025. Standard Deduction Increased. For tax years beginning after December 31, 2017 and [...]
If you have children, you may be able to reduce your tax bill using these tax credits and deductions. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. Qualifying dependents must have a valid Social Security Number. This credit is refundable, which means you may a refund even if you don’t owe any tax. Credit for Other Dependents: This is a [...]
Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, sports events, or during the harvest or commercial fishing season. Part-time and seasonal employees are subject to the same [...]
Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn't have to be. Here are six tips for a stress-free tax season. Don't Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your [...]
For our clients who take advantage of our in person consultations: CHECK CASH CREDIT and DEBIT CARDS – We now accept credit cards at our office. PAY NOTHING NOW - Use your refund to pay your tax prep fees. Ask your preparer for details at your first meeting. For our clients who utilize our portal for all transactions, including signing your return: CHECK CREDIT CARD PAYPAL Contact us to arrange for additional invoicing from [...]
January is right around the corner, and you may be wondering what forms your preparer will need to complete your tax returns. Below is a list of documents you can expect, along with their anticipated delivery dates. After the end of the year, you may also receive letters from charities confirming your 2017 donations. Keep these with all of your other tax information. If you had… You’ll receive Form… Around… Wages from a job W-2 [...]
With wild fires in the west, hurricanes on the east coast and tornadoes and severe storms in the middle of the country, the U.S. has been hit hard this year. If you are a victim of one of these natural disasters, here are some tips to help you with potential tax issues. Special rules apply to casualty losses suffered in an area that has been declared a disaster by the president and eligible for [...]
Are you looking for tax services near Whitewater, Wisconsin? If you want a Whitewater Tax Return and Preparation service you can trust, choose Fort Tax Service Inc. Fort Tax Service Inc. offers general public tax preparation and accounting services. Serving the area since 1979, we have years of experience assisting taxpayers and small businesses in Fort Atkinson, Whitewater, and surrounding communities. Fort Tax Service can help you with tax preparation, tax planning, bookkeeping, property [...]
The AOTC is a tax credit with a non-refundable and refund-able component to help make college more affordable for eligible students. A non-refundable portion is allowed to the extent it does not exceed the taxpayer’s income tax liability. The refundable portion allows the taxpayer to receive a refund regardless of the tax liability. The AOTC is based on 100% of the first $2,000 of qualified expenses, plus 25% of the next $2,000 of such expenses paid [...]