****Tax Changes for 2018****

   Welcome to our Bulletin Board!  I will try to update this page often with important updates, due dates, and helpful information for you.  If you have any questions, please contact me at [email protected]

Thank you for your business!  I always enjoy seeing all of my clients each year, and really appreciate your referrals.

Important Dates

March 15, 2019
DUE DATE for 2018 Partnership and S Corporation Tax Returns. (Form 1065 and Form 1120S)

April 15, 2019
DUE DATE for all 2018 Individual Income, Trust and Estates, and C-Corporation Tax Returns.
(Form 1040EZ, 1040A, 1040, 1041, and 1120)

Estimated Tax for 1st Quarter 2019 due April 15, 2019.

Do you need me to send you a Checklist from last year's tax return?

In January, I can mail or email checklists and/or organizers that have details from your tax return from the previous year, just let me know.

I can also upload the organizer to the SecureFilePortal. Once you have created a password to the portal, all you previous tax returns will be availible there.

The checklist is usually just one page listing everything you had on your tax return from last year.  The organizer is several pages with more details. 

Social Security & Medicare

Social Security benefits will increase by 2.8% next year, the Social Security Administration announced on October 11, 2018.

That’s the largest annual cost-of-living adjustment, or COLA, since 2012, according to InvestmentNews. The SSA increased benefits by 2.0% this year and just 0.3% in 2017. There was no increase in 2016.

Then on Friday, the government said Medicare Part B premiums, which pay for outpatient services and doctor fees, will go up by just $1.50, to $135.50 per month, next year, InvestmentNews also reported. Those Medicare premiums are typically deducted straight from Social Security benefits.

A 2.8% COLA would lift the average Social Security benefit by $39 to $1,461 per month. It would also increase the maximum benefit for someone who retires at full retirement age by about $73, to $2,861 per month.

The COLA also affects the amount of money people can earn without risking losing their benefits if they claim benefits before full retirement age. The earnings limit will increase to $17,640 in 2019 from $17,040 this year.

And it has tax implications for higher earners who are still working. The maximum amount of earnings subject to the Social Security tax will increase to $132,900 next year from $128,400.

!!!   SCAM ALERT  !!!
NEVER give your personal information over the phone, and always check with your tax advisor if you receive anything in the mail from the IRS or State Revenue Office before sending personal information or money.

There are many scams happening right now, including the following:
*  A phone call demanding payment or threatening to seize your bank accounts or  even jail time.  IRS does not call you...they will send many letters before taking any legal action.

*  Scammers are now sending letters on IRS letterhead.  If you receive a letter from the IRS (which could be legitimate), always check with your tax advisor to be sure it is legitimate.  Many times, you may not actually owe some or all of the tax, or your tax advisor may be able to assist with the penalties and interest.

*  IRS usually first contacts people by mail – not by phone – about unpaid taxes. And the IRS won’t ask for payment using a pre-paid debit card or wire transfer. The IRS also won’t ask for a credit card number over the phone. If someone unexpectedly calls claiming to be from the IRS and uses threatening language if you don’t pay immediately, that is a sign that it really isn’t the IRS calling.