The IRS has announced increased contribution amounts for various types of retirement plans in 2019. See here for details.
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Entries by lstaxservices_i8x1k2
The IRS has a website with some useful information for taxpayers but is their information always accurate? This morning I was looking at a news release from their site containing a table comparing business tax provisions before and after TCJA. Here’s a snippet from their explanation about the new limitation on deducting business interest. “The […]
After serving 3 years in prison for failing to file tax returns and filing fraudulent claims, Wesley Snipes still can’t win with the IRS. He owed roughly 23.5 million in federal taxes and filed an Offer In Compromise offering to pay roughly 850,000 to settle his debt with the IRS. The Offer In Compromise program […]
One of my talented clients produced this video to introduce L&S Tax Services.
There has been some mention in the press recently about a tax break for disabled vets. To explain this tax break let’s start with the basics of how retirement pay is taxed for a disabled veteran. First off, disability pensions for a veteran are non-taxable, but regular retirement pay of a veteran is subject to […]
I frequently recommend to my clients with complicated tax situations to do a summertime checkup to see if they are paying sufficient amounts through withholding or estimated payments in order to avoid a negative surprise at tax time. This year that activity is especially important because of the various changes made to the tax law […]
Many health professionals recommend limiting our salt intake but to tax professionals, SALT limits have a different meaning. SALT refers to State and Local Taxes which have been deductible for many taxpayers in the past but are now limited to a maximum of 10,000 dollars under the new tax reform passed last December. There are […]
As I have written about before, although the recent tax reform bill lowers tax rates for virtually everyone, not everyone will have their overall federal income tax reduced. That’s because the law includes some tax breaks but also eliminates some deductions. In doing an analysis of my client base, the vast majority of clients will […]
During the 2018 tax season one of the most common questions I got from clients had to do with whether they will lose their mortgage interest deduction in 2018. Many of them had heard incorrect information about what is changing and not changing in the new law. So, what does the new law change? For […]
Last fall congress passed a tax bill granting special tax relief for anyone who suffered a casualty loss as a result of the devastating hurricanes that impacted the US in 2017. In the budget deal agreed to last month, congress has finally extended those same benefits to victims of the California wildfires. The special tax […]