BHT&D Certified Public Accountants Blog

If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.

Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct deposit into one account, or asked the IRS to mail you a check, Where’s My Refund? will give you online access to your refund information 24 hours a day and 7 days a week.

Tags: Business Tax, Individual Tax, Tax Refund

If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date.

The IRS encourages taxpayers to pay the full amount of their tax liability on time, and it imposes significant penalties and interest on late payments. Thus, if you are unable to pay the taxes that you owe, it is generally in your best interest to make other arrangements to obtain the full funds to pay your taxes so that you are not subjected to the government’s penalties and interest. Here are a few options to consider.

Tags: Individual Tax Return, Business Tax, Individual Tax, Tax Liability

If you are an employee (i.e., a W-2 wage earner) with substantial work-related business expenses, the Act was not kind to you. It suspended (and effectively repealed), for 2018 through 2025, all miscellaneous itemized deductions, which were previously only subject to a floor of 2% of adjusted gross income (AGI). Employee business expenses are included in that category of miscellaneous itemized deductions. 

Tags: Itemizing Deductions, Small Business Accounting, Small Business, Individual Tax, TCJA

Congress passed the Budget Bill early in the night, and the President signed it on Friday, February 9th. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017 returns. Were you lucky enough to benefit?

Needless to say, these last-minute changes may create a problem for taxpayers who have already filed their returns and will need to file amended returns to take advantage of these extenders. The retroactive changes will cause the IRS some headaches as well. Since the 2017 forms do not accommodate some of the extended provisions, the IRS will have redesign and issue updated forms or provide workaround procedures.

Tags: Depreciation Deduction, Small Business, Individual Tax, Tax extenders

One of the first trouble spots of the new tax reform is the W-2 withholding for 2018. Passage of the new law in late December hasn’t given the IRS much time to develop new withholding tables. This can be a big issue, as the recent Tax Cuts & Jobs Act (TCJA) substantially altered the tax rates and standard deductions, did away with exemption deductions, and increased the child tax credits—all elements of how the withholding allowances and tables have been structured in the past. 

Tags: Payroll Tax, Small Business, Tax Reform, Individual Tax, TCJA

The Tax Cuts and Jobs Act was signed into law on December 22, 2017.  This law means significant changes for both individuals and businesses.  While all changes are not listed below, it does include a good summary of the legislation that could impact you or your business.  Most changes will take effect for 2018 – those with an effective date other than 2018 have been noted: 

Tags: Depreciation Deduction, Business Tax, Estate and Gift Tax, Tax Reform, Individual Tax

The House’s proposed Tax Cuts and Jobs Act was released on November 2, 2017.  The Senate version of the bill was recently released with some substantial modifications to the House proposal.  While not law, here are a few highlights of the Senate’s version of the bill:

Tags: Business Tax, Tax Reform, Individual Tax

The proposed Tax Cuts and Jobs Act was released on November 2, 2017.  While not law, there are some rather dramatic changes being suggested.  The goal is to provide the “middle class” with tax savings.  A few of the more important items being discussed:

Tags: Business Tax, Tax Reform, Individual Tax