Accounting, Consulting and Tax Services

03/26/2021

Tax filing postponed!

The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.

01/22/2018

The Craziest Ways People Have Legally Avoided Paying Taxes

You won't believe how these people got away with not paying taxes.

01/22/2018

http://www.peninsuladailynews.com/life/help-line-its-time-to-talk-filing-taxes/

En ACTS ofrecemos servicios confiables y especializados de preparación de impuestos, contabilidad "bookkeeping" , consultoría y otros.

12/03/2017

Protect your savings
from the taxman

Robert Brokamp Robert Brokamp
Lead Advisor
Rule Your Retirement
Dear fellows,

You may be wondering whether you should do anything about your investments and your taxes, considering all the tax talk on Capitol Hill.

Well, you can proceed as normal for this year. Any potential changes would take effect beginning in 2018.

With just one month left in 2017, here are 7 things that can help you make the most of the year while you still can.

Make retirement account contributions

You have until April 17 to contribute to IRAs for 2017, but only until Dec. 31 to contribute to your plan at work.

Take retirement account distributions

If you are age 70 1/2 or older, you are required to take distributions from your traditional IRAs and employer-sponsored retirement plan (you might not have to take money out of the latter if you're still working — check with your administrator). Otherwise, you'll pay a 50% excise tax on the amount that you should have withdrawn.

Use your flexible spending accounts (FSAs)

Any money in these accounts must be spent before the end of the year or it’s lost forever (though you might be able to roll over amounts up to $500, but it depends on your plan). For most companies, the end of the year is Dec. 31.

Convert assets in traditional accounts to Roth assets

The converted amount will be added to your taxable income for this year. But remember that you don't have to convert an entire account, so if you're in a low to moderate tax bracket, you can convert just up to the point where additional amounts would be taxed at a higher bracket.

Sell underwater investments

If you have a money-losing investment in a non-retirement account — that is, not in an IRA, 401(k), or annuity — you can sell it, take the loss, and use it to reduce your taxable income. This is known as "tax-loss harvesting." The reason to do it: Capital losses are first used to offset capital gains, and then — if there's any loss left over — they're used to reduce taxable income up to $3,000 a year. Losses greater than $3,000 can be used in following years as long as you're a living, breathing taxpayer.

Make charitable contributions

'Tis the season to share your good fortune. And if you itemize the deductions on your tax return, you can also reduce your taxable income.

Avoid buying mutual funds outside of retirement accounts

This is the time of year when funds make their capital gains distributions. Before buying a fund in a taxable account, check with the fund family to find out when distributions will be made, and get an estimate of the size of the distribution if they'll provide one.

09/06/2017

Tax resolution services for taxpayers with IRS or State tax problems. Contact us and let us handle your case.

09/06/2017

Tax resolution services for taxpayers with IRS or State tax problems. Contact us and let us help you.

07/31/2017

Click the "Learn More" button now

06/26/2017

WASHINGTON (AP) — Senate Republicans' new health bill cuts taxes by nearly $1 trillion over the next decade, mostly for corporations and the richest families in America.

06/24/2017

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06/23/2017

Instantly pull years of client tax transcripts with our free tool. Store and save client taxes and save up to 10 hours on each case.

06/23/2017

Bizness Apps dramatically cuts app development time and cost, allowing you to spend more time on what matters. All of the tools you need to start building apps without code!