Individuals

Employee Expense Reimbursements

With the new Tax Cuts and Jobs Act, several things have changed in the tax planning world. One of the bigger changes affecting many of our clients is the elimination of the employee business expenses deduction, along with all other deductions subject to 2% of AGI. The reasoning behind removing the deduction seems to be that […]

Estimated Taxes

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 […]

Charitable Contributions

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 […]

IRS Warns Of New Refund Scam

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 […]

The Time is Near!

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 […]

Job Related Expenses

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 […]

No Good Deed

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 […]

Business Use of a Personal Vehicle

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 […]

Protecting Yourself

We here at Heritage Accounting strive to help you feel comfortable when it comes to the complex world of accounting and taxes. However, though uncomfortable, we also want to be sure that you are aware of some of the ways that certain nefarious people may try to take advantage of you. Additionally, we want you to […]

Spreading Cheer This Year?

This season brings with it lots of good cheer to spread around, and along with this cheer comes lots of cheerful giving. There are several tax implications to keep in mind as you give to various charities during this Christmas season. First, what organizations qualify for you to take a tax deduction for your gift? Qualified charitable […]