THERE’S STILL TIME to complete your return by April 15th.   All information needed to prepare returns should be received in this office no later than March 21, 2017.  If we receive initial or additional information after this date, we will make every effort to complete your return(s) without an extension.  Priority service will be given…

Private Agencies to Start Collecting for IRS In late 2015 Congress required the IRS to turn over uncollected taxes it is no longer pursuing to outside collection agencies. The agencies are now selected and in early 2017 they will begin their collection efforts. This will impact all of us. Here is what you need to…

Last Year’s Tax Bill Makes This Year’s Opportunity For the first time in many years, it looks like a last minute tax law change will not upset your ability to fulfill a well thought out tax plan. In addition to making last minute moves to reduce your tax obligation, consider some opportunities to take advantage…

Year-End Tax Planning As the end of the year approaches, there is still time to make moves to manage your tax liability. Here are some ideas to consider. Maximize your retirement plan contributions. This includes traditional IRAs, Roth IRAs, and SEP IRAs for self-employed. Given the contribution limits in 2017 are not increasing, now is…

College Aid Financial Package (FAFSA) Timing Annual FAFSA filing availability is now If you have a child in college or entering college during the next school year, you need to read this. The time to apply for federal financial aid is now. The Free Application for Federal Student Aid (FAFSA) is now available for the…

2017 Social Security Wage Base   The Social Security Administration (SSA) released updated information about payroll taxes on Tuesday, October 18, 2016.  Individuals earning above $118,500 in wages should expect to have more money taken out in payroll taxes in 2017. For 2017, up to $127,200 of wages will be taxable for social security.  This…

Recovering from Identity Theft There are now millions of victims of the identity theft epidemic. From stolen credit cards to fraudulently filed tax returns, a vast swath of the U.S. is trying to figure out how to repair the damage. To help, the Federal Trade Commission has created a nice tool to work through the…

  Preview of Some Key 2017 Tax Figures While official numbers for 2017 are not yet released by the Internal Revenue Service (IRS), many figures are based on the Consumer Price Index (CPI) published by the Department of Labor. Using the release of recent CPI figures, a number of sources are projecting key figures for…