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Category Archives: Tax Return Preparation

FilingTaxes

Tax Exempt Organizations Required to E-File Under New Law

By Ronald Cutler, P.A. |

On July 1st, Congress enacted the Taxpayer First Act, which requires certain tax exempt organizations to file information returns and related forms electronically. The new law went into effect this year, so taxpayers who believe that its terms could apply to them this tax season, should be careful to review the law and if… Read More »

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The Benefits of Using Direct Deposit this Tax Season

By Ronald Cutler, P.A. |

As tax season looms ever nearer, taxpayers should begin thinking about using direct deposit to receive their refunds, as this option allows funds to be deposited directly into either a checking or savings account. In fact, it is even possible for a refund to be deposited into one, two, or three different accounts. To… Read More »

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Why You Should Consider Applying for Federal Tax Credits

By Ronald Cutler, P.A. |

With tax filing season just around the corner, Florida taxpayers may want to begin thinking about their eligibility for certain tax credits, including the Earned Income Tax Credit, the Child Tax Credit, and education credits. For help determining whether you and your family qualify for any of these tax credits, please contact dedicated Florida… Read More »

TaxReturn

Preparing to File Your 2019 Federal Income Tax Return

By Ronald Cutler, P.A. |

With tax season only a few months away, the IRS has begun encouraging taxpayers to begin taking certain steps to ensure that their 2019 returns are processed as smoothly as possible. This includes adjusting tax withholding, making estimated tax payments, and gathering documents and tax records, all of which can be difficult, especially for… Read More »

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IRS Institutes Safe Harbor for Taxpayers Whose Rental Properties Could Qualify for the Business Income Deduction

By Ronald Cutler, P.A. |

Among the many changes made by the Tax Cuts and Jobs Act (TCJA) was an amendment to the tax code regarding the qualified business income deduction. Under a recently published regulation, the IRS added to these changes by instituting a safe harbor during which taxpayers who own interests in rental property can treat these… Read More »

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This Year’s Automatic Tax Penalty Waiver

By Ronald Cutler, P.A. |

This year, the IRS is automatically waiving tax penalties for nearly 400,000 taxpayers who have already filed last year’s return, but who failed to claim the waiver. Fortunately, the IRS will apply this waiver to the accounts of all qualifying taxpayers who have already filed their returns, so these individuals are not required to… Read More »

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The Importance of Renewing Your ITIN

By Ronald Cutler, P.A. |

Anticipating that as many as two million Individual Taxpayer Identification Numbers (ITINs) will expire by the end of this year, the IRS is encouraging affected taxpayers to file their renewal applications as soon as possible. Failing to take this step could result in a delayed refund next year, so if you believe that your… Read More »

TaxCalc

Charitable Contributions and Tax Credits

By Ronald Cutler, P.A. |

The IRS recently finalized a series of rules requiring taxpayers to lower certain federal charity-related deductions by any applicable credits they anticipate receiving. Although these regulations, which were proposed last year, but finalized this month, were specifically drafted to help clear up any confusion regarding the relationship between federal deductions for charitable contributions and… Read More »

TaxReturn2

Credits and Deductions that Could Help Your Company’s Bottom Line

By Ronald Cutler, P.A. |

Running a business can be costly and complicated, especially when tax season rolls around. Fortunately, there are a number of credits and deductions that can help small business owners and self-employed taxpayers with their bottom line. Determining eligibility for these deductions and credits can be difficult, so if you need help reviewing your tax… Read More »

TaxDebt

Fixing an Error on Your Tax Return

By Ronald Cutler, P.A. |

Even taxpayers who take great care when filing their tax returns can make mistakes or fail to omit required information. Fortunately, it is possible for taxpayers to remedy these types of mistakes by amending their tax returns, so if you recently realized that you made a critical error on your own return, it is… Read More »