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What You Need to Know This Tax Season

  • 27 March 2018
  • Author: Alexander Carr
  • Number of views: 457
  • 0 Comments
What You Need to Know This Tax Season

We’re in the thick of the 2017 income tax filing season. It’s the time of year we’re often inundated with questions and, with so much confusion about the current tax code, this year is certainly no exception. We’ve answered some of the most common income tax filing questions for the 2017 tax year below.

The IRS Offers a First-Time Penalty Abatement Waiver

  • 20 March 2018
  • Author: Alexander Carr
  • Number of views: 407
  • 0 Comments
The IRS Offers a First-Time Penalty Abatement Waiver
Who says the IRS isn’t forgiving? The agency hands out penalties quite liberally for late filing, overdue payments, and missing deposits, but did you know taxpayers facing their first penalty in at least three years may be able to have it forgiven? The policy is called First Time Penalty Abatement and, although it’s not well known, it’s been an option since 2001.

Section 179 Changes Could Mean It’s Time to Buy

  • 13 March 2018
  • Author: Alexander Carr
  • Number of views: 807
  • 0 Comments
Section 179 Changes Could Mean It’s Time to Buy
Section 179 deductions just got better. For tax year 2018, the Section 179 deduction limit for property has soared to $1 million and, for equipment purchases, the cap is now set at $2.5 million. It could be a big tax-saving opportunity for small businesses—one that could be worth hundreds of thousands of dollars.
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