Protect Tax Data, Keep All Sensitive Tax Data Safe

The IRS Warns Taxpayers to Protect Tax Data and Keep All Sensitive Tax Data Safe

Did you know that when you protect tax data it will help with your future filings, amended returns and audits? Not to mention protect your identity, as well?

Since we all are heading in tax season soon, the IRS wants all taxpayers to be aware as to how long to keep tax returns and other supporting documents.
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Tax Reform is Confusing Part 2

Do you struggle feeling Tax Reform is confusing?

Yes, tax reform is confusing. In part 2 we hope to shed light on other areas of tax reform changes. As mentioned last week, we decided to put together a side-by side comparison of the old and new law. At the end of Part 1’s blog post, is an infographic to help you maneuver all the details behind Tax Reform. Below we will break down Part 2 of this very long infographic for an easier understanding. Let’s go! Continue reading

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Tax Reform is Confusing! Here is a Side by Side Comparison Part 1

Tax Reform is confusing to Many People.

Yes, tax reform is confusing; however, in this article we will make it easier to understand. This year has flown by so fast, and tax reform is in full swing. We decided to put together a side-by side comparison of the old and new law. All that is left to close this deal is filing that first tax return to the IRS. Below is an infographic to help you maneuver all the details behind Tax Reform. Below we will break down this very long infographic for you into pieces for an easier understanding. Are you ready? Continue reading

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Learn About This Year End Tax Strategy

Save Money with This Year End Tax Strategy 

Do you want to save money with a unique year-end tax strategy? Year-end is rapidly approaching and you only have a couple of months to utilize tax-saving strategies. The Tax Cuts and Jobs Act of 2017 substantially increased the standard deduction and made changes that affect itemized deductions. Continue reading

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Natural Disaster Relief: Hurricane Florence

What does the IRS do to help with natural disaster relief?

We just watched Hurricane Florence slam the Carolinas, and last year’s hurricane season between Hurricane Harvey, Hurricane Irma and Puerto Rico’s Hurricane Maria were devestating. The last several years the IRS has typically acted to provide taxpayer relief for natural disasters such as hurricanes Kartina and Rita, the 2014-2015 record snow fall in New England, the 2010 New England floods, Hurricane Sandy, Hurricane Matthew, the Ebola Outbreak in 2014, and the 2010 Hatian earthquake. As you read this you would think we were facing the end, but thank goodness there has been help from the IRS. The typical measures often include delaying various filing deadlines, delating various payment deadlines, loosening rules for write offs for damage, and allowing for certain charitable contributions.

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We Have a New Corporate Tax Preparation Office!

Are You Looking for a New Corporate Tax Preparation Office?

About Worthtax Corporate Tax Preparers

Our new corporate tax preparation office is in Norwell, Massachusetts. While Joseph Cahill and Associates/Worthtax has multiple offices, to serve you better, in Dedham, Weymouth and Norwell, Massachusetts, our Norwell office is our new corporate tax hub.  Continue reading

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Tax Reform Adds Education Benefit

Why are we talking about an education benefit in the middle of the summer?

We know that everyone is in summer vacation mode. No one wants to talk about school now. I mean, the kids are just getting out of school! Well, someone has to bring up the subject to save you money on your education expenses. Therefore, it is time to start making plans for education savings. Even if your child is an infant, you want to think about this subject and ask yourself, “Am I going to send my child to private school?” And, “What if I don’t qualify for scholarships?” After all, scholarships are very competitive. So you want to think about education savings plans. Continue reading

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Minimizing Tax on Social Security Benefits

Minimizing Tax on Social Security Has An Income Factor 

Often, people ask, “How do I go about minimizing tax on social security income?” Let’s face it, people make very little on social security income and it is only going to get harder and harder. How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.
For this discussion, the term “Social Security benefits” refers to the gross amount of benefits you receive (i.e., the amount before any reductions due to payments withheld for Medicare premiums). For tax purposes, Social Security benefits are treated Continue reading

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Tax Reform and Your Taxes

Well, the Tax Cuts and Jobs Act (H.R. 1) has passed, mainly starting in 2018. Are you confused by tax reform and your taxes, and how this new law will impact you? You’re not alone. As has become the norm for Congress, it played brinksmanship and waited to almost the end of the year, in the midst of the holidays, to pass this very extensive tax bill, providing little time for anyone to plan for 2018.

So that you have an idea about how these changes might affect individual taxpayers like yourself, we have put together some of the key points of the new law. As a suggestion, pull out your 2016 federal return and follow along to get a better understanding of these changes. Continue reading

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Senate Passes the Tax Bill, What’s Next?

Why is it so important that Senate Passes the Tax Bill?

Tax Cuts and Jobs Act Heads To Reconciliation

So, Senate passes the tax bill. Yes, the Senate GOP finally brought their version of the Tax Cuts and Jobs Act out of committee and before the full Senate. Tax Reform, another name for the bill, passed by a narrow margin of 51-49 down party lines. The only dissenting Republican Senator was Bob Corker of Tennessee, who tweets that he reluctantly cast his vote as “no” over long-term fiscal issues. Continue reading

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