Tax season is here and your 2017 return is the last time (until 2026) to take advantage of certain deductions. If you missed the previous post on personal exemptions and the new tax law, you can find it here. Another thing that will be changing is the deductions you will be allowed to take each year. Below are just two examples of the recent changes you might see on your 2018 return.
It looks like the IRS will have a new commissioner. The Senate confirmed Charles Rettig last week as the new commissioner. The Senate confirmed the Beverly Hills tax attorney by vote of 64-33. Rettig will be the first commissioner to come from a tax background and was considered qualified for the job by both parties. […]
A new change to a tax law will give taxpayers who received unemployment benefits in 2020 a bit of a tax break. In most years, unemployment compensation is subject to federal taxes. Because unemployment benefits are considered income, taxpayers have to pay taxes on them. Under the new law, some unemployment benefits recipients will not […]
Trying to file your tax return but aren’t sure what to do because of the recent tax reform? If you’re like most taxpayers, chances are you haven’t read The Tax Cuts and Jobs Act, which is understandable as the tax reform legislation is over 500 pages long and can be confusing and hard to understand […]
Cannabis Tax Court Cases #1: CHAMP
As a cannabis business, you will be audited. This is a fact. The IRS has already said that cannabis businesses will be audited. It is not a matter of if, but a matter of when.
A 2019 study estimated that there were 340,000 jobs in the marijuana industry in the United States.
The IRS is warning people about a new scam that involves their Electronic Federal Tax Payment System (EFTPS). The new scam involves a scammer calling a taxpayer and claiming they are from the IRS.
As a medical cannabis producer, you are on the vanguard of a prosperous industry where you offer a valuable alternative remedy for people who desperately need it. If your state has yet to allow recreational marijuana use, you are probably also ready to make the shift once the law allows. Of the many challenges you […]
A paycheck checkup is an assessment of your paycheck to ensure the proper amount is being withheld per your personal situation. By performing a paycheck checkup, you can prevent paying too much or too little on your taxes and avoid a penalty or an unexpected tax bill. A paycheck checkup is especially important if your refund could […]
It’s tax season and it seems like there’s a million other things you could be doing other than figuring out your taxes. But you might want to set aside some time to look at your individual tax return because you could be overlooking some important tax deductions that could help you save money every year! […]