What is this new credit? With the implementation of the new Tax Cuts and Jobs Act, there comes a new federal income tax credit for employers who provide qualifying paid leave to their employees for family and medical purposes. Get ready; there are a lot of math and numbers in this one! The qualifying employer… Read More
How often do you pay income tax? If you are like most of us, it seems that you only pay income tax once a year…somewhere around April, I think. However, the Federal income tax is actually on a pay-as-you-go system, where you must pay the tax as you earn or receive it. For employees, that… Read More
One great privilege we are reminded of during the Thanksgiving and Christmas season is the opportunity we have to give to good causes. But you may be wondering if there are any tax benefits that come along with these donations, and, if so, what do you need to know? Hopefully, this post will help guide… Read More
The IRS has recently warned taxpayers to beware of a quickly proliferating scam involving incorrect tax refunds being deposited into real taxpayer bank accounts. Scammers will file a fraudulent return and have the money deposited into a taxpayer account. The criminals will then impersonate debt collection agency officials acting on behalf of the IRS, contacting… Read More
As we approach another tax season, we would like to help ensure that you are well prepared for it. Of course, there will always be areas unique to your situation, but there are a few items that we see year after year that may affect you. So as you are gathering your information together to bring… Read More
Big changes are coming for 2018 and beyond with the new tax bill that passed through the House and Senate in December, 2017. Parts of the new bill substantially increase the standard deduction while also removing and/or changing many of the itemized deductions. One of those changes concerns expenses incurred as part of a job… Read More
With the new year often comes new resolve and a chance to start fresh. One way many people like to do that is by striking out on a new venture or even making changes to an existing one. But in doing so, there are so many options to choose from even in structuring your business.… Read More
Have you donated your old clothes, furniture, books, appliances or other items to charity this past year? The good news is, you can deduct it! The bad news is, you might need a good bit of information in order to take the deduction. If all your non-cash donations throughout the year total over $500, you… Read More
During your business day, as you are driving around in your personal vehicle, you may be wondering if you can receive any tax benefit from all the miles and expenses you are putting on it. As it stands with most tax-related questions, the answer is, “it depends.” While you can definitely take the expenses or mileage… Read More
We here at Heritage want to extend a heartfelt “Thank You!” to all of you who helped make this tax season an outstanding success! We had a lot growth this year and saw a lot of new faces, in addition to all the familiar ones. We are privileged that you entrusted us with this important… Read More