December 20, 2017
One deduction potentially on the chopping block as part of the tax legislation making its way through Congress is the deduction for state income taxes.
If included in the final legislation, no payments made toward state income taxes will be deductible starting in 2018. For those of you who make estimated tax payments or pay a balance due with your income tax return when it’s filed, this means that if you write a check for 2017 taxes in 2018, that payment won’t be deductible even though it’s for a 2017 liability.
If you think you may fall into this situation, paying those additional amounts before the end of December 2017 will allow you the chance to deduct that payment instead of losing the deduction, if the law passes as proposed.
There may be additional situations where you won’t benefit from paying the tax early, but we’re happy to review your personal tax situation to find out – give SGA a call!
With 2019 officially here, it is time to remind you that January 15th is the due date for the fourth quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received after filing your 2017 returns.
Remember, if you do not pay enough tax by the due date of each payment period, you may be charged a penalty when you file your...
The holiday season is already in full swing, and as much as it can be a welcome distraction can be from our everyday lives, that distraction can cause its own issues as well.
We’ve noticed, here at SGA, an increased number of instances of scam emails and voicemail schemes lately. The scammers are trying to catch you off guard and get you to react in a way that you might...
The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: