Entries by admin-wxc

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Renew expiring ITINs now to file a return next year

The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of this year will cause refund and processing delays in 2019. This is the second in a series of reminders to help taxpayers get ready for […]

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Tax Reform changes depreciation limits on luxury automobiles

The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year $16,000 for the second year $9,600 for the third year $5,760 for each later taxable year in the recovery period […]

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Some S corporations may want to convert to C corporations

After last year’s tax reform legislation, some S corporations may choose to revoke their S election to be a C corporation because of the new, flat 21-percent C corporation tax rate. Before taking any action, S corporations should consult their tax advisors. S Corporations and C Corporations are among the types of business structures. A […]

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U.S. Wages See 3.5% Growth

Wages for U.S. workers grew 3.5 percent over the last year, increasing the average wage level by $0.95 to $27.81 an hour, according to the ADP Research Institute®Workforce Vitality Report (WVR) released today.  The growth, accelerating to 3.5 percent annual as of September 2018, was driven by strong wage gains for workers in the professional and […]

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Retailers Expect Surge in 2018 Holiday Shopping

  First a toast, then the gifts and a little something for oneself Celebrating the season with others – including entertaining at home and socializing away from home – accounts for 40 percent, or $611, of survey respondents’ holiday-related spending. That outpaces gifts, which make up 34 percent. Shoppers plan to purchase an average of […]

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How the new tax law affects tax returns next year

The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year under the new tax law. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. […]

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Helping taxpayers to understand the different filing statuses

Taxpayers don’t typically think about their filing status until they file their taxes. However, a taxpayer’s status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which one they should use. It’s important a taxpayer uses the right filing status because it can […]

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Small Business Optimism Hits New Highs

Small business optimism is at an all-time high in the latest quarterly Wells Fargo/Gallup Small Business Index, conducted July 11-18, 2018. The survey, which measures small business optimism, had an overall Index score of 118, 12 percentage points higher than last quarter and the highest level in the survey’s 15-year history. The current Index score was […]