Blog

Higher Education Tax Credits – Did You Know?

October 9, 2019

If you or any of your dependents are enrolled in a higher education program this fall, you may qualify to claim one or more credits on your 2019 tax return. The American Opportunity Tax Credit (AOTC) is a credit of up to $2,500 for a student pursuing a degree or certified credential at a college more »

URGENT – BUSINESS ESTIMATED TAX PAYMENTS!!!

September 15, 2019

To All Business Owners: APPLIES TO SINGLE AND MULTI MEMBER LLCS, S CORPORATIONS AND REGULAR CORPORATIONS If you owed taxes in the prior year and have not made any changes (credits, deductions, etc.,) you may need to pay estimated taxes for Federal and State. Normal Due Dates are as follows: • April 15th • June more »

COSE SMALL BUSINESS RESOURCE FAIR, TUESDAY May 14, 2019, IX CENTER – FREE FOR ALL BUSINESSES

May 10, 2019

SPECIAL NOTIFICATION PLEASE SEE BELOW COSE SMALL BUSINESS RESOURCE FAIR ON TUESDAY May 14, 2019 AT THE IX CENTER. FREE FOR ALL BUSINESSES. Robbie Terry-Washington, CPA will be one of the panelist and would love to see you there. INFORMATION Contact us at events@cose.org. Register Today for the Small Business Resource Fair Join us for a more »

NEW W4 – WHAT’S CHANGING? EVERYTHING!!!

April 17, 2019

NEW W4 – WHAT’S CHANGING? EVERYTHING!!! NEW DRAFT OF W4 EXPECTED TO BE RELEASED FOR COMMENT BY MAY 31, 2019 FINAL VERSION TO BE RELEASED BY THE END OF THE YEAR IN TIME FOR 2020. WHAT’S NEEDED FOR THE NEW FORM   Your filing status (Single, Married, MFS, HOH) Number of dependents Itemized Deduction information more »

Tax Deductions – New Limit on Business Interest Expense

March 27, 2019

NEW LIMIT ON BUSINESS INTEREST EXPENSE TAX CUTS AND JOBS ACT (TCJA) ENACTED LIMITATIONS ON THE DEDUCTIBILITY OF BUSINESS INTEREST EXPENSE FOR BUSINESSES WHOSE AVERAGE ANNUAL GROSS RECEIPTS DO NOT EXCEED $25 MILLION FOR THE 3 PRECEEDING TAXABLE YEARS AMOUNT OF DEDUCTION CANNOT EXCEED THE SUM OF:     BUSINESS INTEREST INCOME FOR THE YEAR more »

Tax Deductions

March 18, 2019

NEW TAX DEDUCTION 199A 1. TAX CUTS AND JOBS ACT (TCJA) CREATED A NEW 20% TAX DEDUCTION FOR PASS-THROUGH ENTITIES 2. PASS-THROUGH ENTITIES ARE LLC’S, PARTNERSHIPS, AND S CORPORATIONS 3. AMOUNT OF DEDUCTION IS BASED ON WHETHER YOU ARE CONSIDERED A SPECIFIED SERVICE BUSINESS OR NOT. SPECIFIED SERVICE BUSINESSES (SSB’S) ARE DEFINED BELOW HEALTH, LAW, more »

Taxpayers May Receive IRS 5071c Letter

March 5, 2019

TAXPAYERS MAY RECEIVE IRS 5071c LETTER To combat identity theft and fraud, the IRS may require additional information This additional information requirement is part of their Taxpayer Protection Program If you receive form 5071c from the IRS Do NOT ignore the letter Verify the information requested Failing to do so may result in a delay more »

Changes To Tax Law

February 27, 2019

CHANGES TO TAX LAW Tax rates lowered. Starting in 2018, there are seven income tax brackets, ranging from 10 percent to 37 percent. Standard deduction nearly doubled over last year. For 2018, the basic standard deduction is $12,000 for singles, $18,000 for heads of household and $24,000 for married couples filing a joint tax return. more »