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East Coast Tax Consulting Blog

13Feb

Avoiding IRS Form 433-A With a Streamlined Installment Agreement

By |February 13th, 2019|Categories: Installment Agreement, IRS Collections, Tax Resolution Strategy|

For most people, personal finance is a deeply private matter and the idea of revealing their personal financial information to anyone, especially total strangers, can often cause fear and anxiety.

6Feb

Here are Three Tax Deferral Strategies for Capital Gains

By |February 6th, 2019|Categories: Capital Gains, Tax Planning, Tax Tips|

If the sale of business or investment property results in a gain, the gain is normally subject to tax in the year of the sale. However, there are opportunities to report a gain over several years, to postpone it by investing the proceeds into another property, or by simply investing the gain in a recently enacted investment vehicle.

30Jan

Avoid These Costly Tax Penalties in 2019

By |January 30th, 2019|Categories: Tax Penalties|

No one wants to find out that they owe money to the IRS when Tax Day arrives. However, owing money to the IRS is even worse when the amount includes additional penalties that you could have avoided through more prudent tax planning.

24Jan

Section 199A Deduction Safe Harbor Rules for Rental Real Estate

By |January 24th, 2019|Categories: Boca Raton, Tax Returns|

It’s been more than one year since tax reform was passed and taxpayers and their tax advisors have been waiting for guidance as to whether rental property will be classified as a trade or business for purposes of qualifying for the IRC Sec 199A 20% pass-through deduction (referred to as the 199A deduction).

23Jan

Seven Tax Tips to Start 2019

By |January 23rd, 2019|Categories: Tax Planning, Tax Reform|

The start of a new year is a great time to start fresh with your finances, especially when it comes to financial decisions that could have serious tax consequences. As 2019 begins, here are seven tax tips from a Boca Raton CPA that could save you money in the new year.

22Jan

IRS Adjusts Underpayment Penalty for 2018 Tax Returns

By |January 22nd, 2019|Categories: Boca Raton, Tax Penalties, Tax Returns|

Taxpayers are required to pre-pay their taxes through payroll withholding, estimated tax payments or a combination of the two. Employees generally accomplish this through withholding, while owners of pass-through entities, self-employed individuals and those with investment income by paying quarterly estimated payments.

16Jan

What to Do if the IRS Rejects Your Request for an Installment Agreement

By |January 16th, 2019|Categories: Installment Agreement, IRS Appeals|

For taxpayers who find themselves unable to pay their tax liability in one lump sum, the IRS offers installment agreements as a solution that is beneficial to both the taxpayer and to the IRS.

14Jan

Are Your Alimony Payments Deductible? Maybe

By |January 14th, 2019|Categories: Tax Deductions, Tax Planning|

Beginning in 2019 The Tax Cuts and Jobs Act made changes to the tax treatment of alimony. Learn if your finances will be impacted by these changes.

9Jan

When to Hire a Professional to Do Your Taxes

By |January 9th, 2019|Categories: Boca Raton, Tax Returns|

Tax season is just around the corner. Online services have become a popular choice for individuals and families to prepare and file their returns. But there are a wide range of situations that call for professional assistance.

5Jan

IRS Announces 2019 Standard Mileage Rates

By |January 5th, 2019|Categories: Tax Deductions, Tax Planning, Tax Reform|

The IRS recently announced the 2019 optional standard mileage rates for business, medical and moving use. The rate for business use is based on an annual study of the fixed and variable costs of operating an automobile, while the rate for medical and moving purposes is based on variable costs only.

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