While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look [...]
IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for life, for example, your children or other heirs can stretch out distributions over their lifetimes, maximizing the IRA’s tax-deferred growth and preserving [...]
Since 2012, payment settlement entities (PSEs) and third party settlement organizations (TPSOs) such as PayPal, Amazon, and eBay have been required to issue 1099Ks to all owners of accounts that reach the following thresholds: $20,000 USD in gross payment volume from sales of goods or services in a single calendar [...]
-'Taxation and Policing of the Virtual Currency World' – March 18, 2018 David R. Natan While the virtual currency craze and price volatility roller coaster may have caught many by surprise over the last six months, the IRS has been planting seeds since 2014 in an attempt to police [...]
Get Us Your Complete Tax Materials Now....Before It's Too Late! The tax filing deadline for Individuals, C Corporations, and most Trusts is quickly approaching. Please note that Newburg & Company, LLP is working expediently on the returns for those Clients who have already provided the materials to complete the [...]
When a taxpayer purchases a vehicle for business use there are a number of important considerations to maximize deductions and tax benefit. First and foremost, the IRS allows two different methods for calculating the deduction for using vehicles within your business: The Actual Expense Method The Standard Mileage Method [...]
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act [...]
SPOTLIGHT ON TAX REFORM This is the first in a new series of articles we will be sending you addressing several major areas of Tax Reform. Newburg & Company LLP's SPOTLIGHT ON TAX REFORM articles take a deeper dive into certain sections of Tax Reform to help unravel [...]
As anticipated, we now have clarity that the bill caps the deduction for real estate taxes and state taxes at $10,000 starting in 2018. Depending on your income level and tax situation, we had been recommending that clients pre-pay their real estate taxes before year end. In addition, we [...]
What is the Research and Development Credit? The Research & Development (R&D) Tax Credit is a general business tax credit under Internal Revenue Code section 41 for companies that incur research and development (R&D) costs in the United States. This is a dollar for dollar tax credit primarily designed [...]
