Category: News

If you received a penalty fee by surprise for underpaying your 2018 taxes, you may be in luck. Last week, the IRS announced it would waive the tax underpayment penalty for taxpayers who already submitted their 2018 federal tax returns but didn’t claim a special penalty waiver when they filed. The waiver, which only waives …

Friday News / Monday Blues The tax world is filled with good news and bad news. Start and end your week with the latest on all things taxes! Friday News – January 31, 2020 Kiddie Tax Now at Trust and Estate Rates Monday Blues – January 27, 2020 Dividends Received deduction for corporations is reduced …

Why People Are Outraged at Lower Tax Returns, But Probably Shouldn’t Be The 2018 tax season left many people confused and frustrated by overall lower tax returns. On average, refunds were 9% lower this tax season. This means that many taxpayers will see a smaller tax refund than they are used to. However, most Americans …

This year, more people are procrastinating on filing their taxes – Are you one of them? Tax Day is nearly here (it’s April 15, in case you need a reminder), but this year, more people are waiting until the very last minute to file. Why is that? The answer is simple: many Americans aren’t expecting …

What’s Changed? The 2019 tax season is vastly different from the years prior. Below are five things that have affected the 2019 tax season the most. Government Shutdown The government shutdown for three weeks has slowed the IRS down. They are working through the backlog, but individuals are seeing longer wait times for correspondence notices …

Why the $0 Tax Bill? Amazon has historically been severely unprofitable, but has turned around in recent years and became consistently profitable, reporting nearly $11 billion in earnings last year. But despite the company’s growth, Amazon’s tax bill has decreased. The company paid $0 in corporate income taxes last year. How They Do It Amazon …

Why Your Tax Refund is Less Than Last Year’s Should you be upset about a smaller refund for this year’s tax season? On average, refunds are 9% lower this tax season. With the Tax Cuts and Jobs Act (TCJA) passed in December 2017, individuals are seeing lower tax rates and virtually double standard deductions. Corporate …

Bowling 300 Games Bowling is great family fun, and there is nothing better than rolling a set with your parent or your child. The Lotito family, with a long history of bowling locally in many classic and traveling leagues, have enjoyed their bowling passion together for decades. Ken Lotito, the family bowling patriarch, taught his …

When will I get my tax refund? Economists will say that taxpayers should break even with the IRS at the end of the year, because they use your money interest free, but the stark reality is that it’s very difficult for people to discipline themselves to put away $20-$100/week so that there’s $1,000-$5,000 at the …