Tax Reform: What It Means for You

Provided by Sponsel CPA Group
By Nick Hopkins, CPA, CFP®
Partner, Director of Tax Services
nhopkins@sponselcpagroup.com

Now that the debate is over and the votes have been taken, tax reform is the new reality. President Trump has signed the “Tax Cuts and Jobs Act”, bringing the most sweeping changes to the U.S. tax code in three decades.

The Act in its entirety is a whopping 1,097 pages long, which will take some time to digest all of the details of the bill. However, below is a summary of some of the key changes for both individual taxpayers and business owners. Continue reading

Refund Expectation Management: 3 Reasons Your Refund Might Not Be As Big As You’re Expecting

Tax RefundEveryone tells you not to plan on having a tax refund. If you’re living paycheck-to-paycheck, though, you know where every dollar is going. You might be counting on that money to give you the breathing space you need.

Even if you’re a little further ahead than that, you may still have made plans for your tax refund. Continue reading

IRS Phone Scams- Keeping Your Business Safe!

IRS Phone ScamTax season is sometimes a nightmare for small business owners. When employed folk complain about their difficulties with a single W-2 and the standard deduction, small business owners just roll their eyes. The mess of paperwork, regulations and fees would drive most people right up the wall.

There’s another group who relies on that struggle to make an opportunistic buck: scammers. The IRS just released its annual report of the “Dirty Dozen” tax scams to watch out for in 2015. Continue reading

Affordable Care Act Tax Forms

Q: All the new Obamacare regulations are in effect this year. I’ve gotten weird forms I’ve never seen before and am worried about my tax filing. What do I need to do?

A: The Affordable Care Act (ACA), also called Obamacare, made a lot of changes to the tax system. This last year, people saw the healthcare side of the bill, including the healthcare exchange marketplace, pricing rules and simplified plans. This year, the funding side of the act goes into effect. Continue reading