If a return is filed more than 60 days after the April due date, the minimum penalty is either $210 or 100 percent of the unpaid tax, whichever is less.
Did you start a new business or are you thinking bout starting a new business? Have yo looked into what needs to be done for income taxes? Are you gong to have payroll? What about payroll taxes? What type of entiy are you going to be? What are the pros and cons of each? Contact me and we can discuss to get you on the right path.
Did you file an extension and now are still lost becasue of all the tax law changes? Contact the office to schedule and appointment to get that return completed with an explanation of the changes from last year.
Reminder that 2nd qtr estimated payments are due on 6/15/19 for those that need to make them.
Stearns & Company Accounting & Tax Services wants to thank all those that have served our country and whom are still serving. Thanks for protecting our nation. God Bless All!
Do you have a job change happening? Are you expecting a child? Do you have a child going to college soon? Are you getting ready to retire? Are you going to be eligible for Social Security soon? We can help with tax planning strategies, contact us at 610-681-8301.
So now that 2018 has been filed – how did you fair? did you get the refund you were anticipating or was it much less than you were looking for? Were you in shock because you had to pay for the first time? Do you need to make adjustments for the 2019 tax year? contact my office and lets see what we can do to get you back on the right track.
Child tax credit has increased to $2000 with the phase out also increasing from $200,000 to $400,000 for married filing jointly. This is good news as many taxpayers were not eligible for it as the phase out started at $125,000 previously.
Wow this is one area that Congress gave a big jump. The standard deduction for Single is now $12,000 and Married filing jointly is $24,000. If you itemized in the past you may not be able to do that now with the standard deduction being higher. If you are close see what can be done to get a donation in 2019 that you would have usually made in 2019 to get that extra deduction.
Are you one of those people who works that second job for some extra cash? The question is do you have enough taxes taken out? If you only work minimum hours each week your employer may not be withholding any federal tax because you fall below the thresholds. I strongly recommend that you take a look at this and make adjustments now before 2019 year is done.