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Tax News



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With the heat of August upon us and April still months away, there’s plenty of time to prepare for tax season. For small business owners, careful tax preparation can go a long way toward protecting your bottom line. We know that navigating the waters of tax deductions and deferments can be overwhelming, so we’ve made it our goal to help our small business owner friends by providing tips to help you save. While this post is focused on those who own their own practice, other medical professionals can also benefit!  

During these hot summer months, tax season can (perhaps thankfully) seem miles away. But the truth is, it’s never too early to start thinking about your potential benefits and how to save your family money come tax day. This week we’re talking to you, military families. If you or a family member serve in the military, you may be eligible for a wealth of tax benefits and it’s our goal to help you save. For a complete list of tax benefits available to you or your family, be sure to check out the IRS’s Armed Forces’ Tax Guide. In the meantime, check out our interview on OKC Fox 25 and keep these tips in mind when it comes to your taxes. 

Given several new factors that could affect refunds in 2017, the Internal Revenue Service is encouraging taxpayers to give themselves a mid-season tax withholding checkup. Taking a closer look at the taxes that are being withheld, can help ensure that you’re withholding the right amount, either for tax refund purposes or to avoid unexpected tax bills next year. Here are a few quick insider tips. 

Taxes can be frustrating – especially when you receive an unexpected penalty or change. Fortunately, there’s something you can do about it. If you’re considering an IRS appeal, it’s essential to first do your homework so you can be prepared to make your case (and know whether you have a case to begin with). Here are a few tips to get you started – and remember, we’re always here to help. 

Sometimes our clients don’t need us to set up a resolution for them because they’ve already done the work themselves. Later on they may find that their balance doesn’t seem to be decreasing, and is actually getting higher! This is due to penalties and interest from the IRS. When you run in to this problem, we can still help! If this is your first time in trouble with the IRS you may qualify for a First-Time Abatement (FTA). These are extremely useful in getting rid of that extra money being added to your tax debt, especially when you’ve been faithfully paying your monthly bill to the IRS!

In 2012, Kansas underwent the most massive string of tax cuts ever enacted by any state – a model that had many in other states turning green with envy. In reality, however, such tremendous cuts have proven a detriment to the state’s economy, with schools and other public services still struggling to recover from the recession ¬– and many organizations falling into deeper decline. So before you run to the hills to plead for tax cuts, remember to keep it reasonable. 

Life is full of changes and surprises, but taxes are a constant. We put together a guide for how your taxes might change along with life. Check out the articles that apply to you and your family!

If you’re age 70 or up, you’ve experienced firsthand how each new year brings its own unique set of challenges and rewards. For seniors, life can feel like a roller coaster complete with everything from new health challenges to watching your grandkids grow and thrive. As a senior, you’ll also be met with new tax questions and concerns – and that’s where we come in. This week we complete our “taxes through the ages” series with tax tips for folks over 70. 

If you’re in your 60s, you’re likely an empty nester, you might have a few grandkids, and you may even be retiring soon if you haven’t already. As with every age that came before, there are a lot of big milestones to look forward to in your 60s. And, as always, big lifestyle changes mean new expenses and new questions come tax season. But not to worry. This week, as part of our “taxes through the ages” series, we’re offering some tips for those of you in your 60s.

Despite what some may tell you, it’s nifty being 50. Your kids are [most likely] grown, you’re well-settled in your career – and possibly in your peak earning years, and you may finally get your first AARP card. (It’ll come in handy, we promise!) As you enter your 50s, many of your larger expenses – like your mortgage or Ryan’s braces – may be behind you, and you can hopefully start putting more toward retirement. Still, as always, a new decade means new expenses and new tax concerns. This week as we continue our “taxes through the ages” series, we’ve got a few tax tips for you, 50-somethings!

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