If you have gotten a huge bill from the IRS and do not know what to do we are here to help you! Even if you legitimately owe the IRS the money we can help you reduce and/or restructure a tax bill so it is manageable for you. The IRS does offer tax settlements so …
Lopato & Associates provides high quality taxation services. Did you know that by having a professional prepare your taxes you can get savings that you did not know were even possible? At Lopato & Associates your tax situation is analyzed by tax professionals who know the tax codes. Instead of using generic software that will …
Doing taxes is like planning a trip. If you plan ahead everything will go smoothly but if you fail to plan you will hit bumps in the road and have problems. Tax planning is vital to save money on taxes. Why pay extra money in taxes when structuring a transaction differently will legally and safely …
Doing payroll in house can be time consuming, frustrating and a big hassle. As laws and regulations change payroll processing can become very difficult. At Lopato & Associates we can take that burden away from you. We can process your payroll for you and ensure that it is done correctly saving you time, hassle and …
The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips: Taxable income. Tips are subject to …
The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations\’ current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let\’s take a look at three key pieces of …
Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also effect a taxpayer\’s ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don\’t file and reconcile their 2019 advance credit payments may not be eligible for advance payments of the premium tax …
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025. As in prior years, if a taxpayer chose the …
The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit …
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let\’s take a …
