Waterfront Tax & Accounting Blog

Some more good news today. The National Association of Enrolled Agents (NAEA) provided the below announcement from the IRS in an email to me today. “WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income ...

I posted a YouTube Video on my last 3 blogs. It covers the following 3 topics:1) Flexible Spending Account (FSA) Grace Period2) Quartely Estimated Payment Due date for last Qtr of 20183) Standard Mileage Rate Increase for 2019 Taxes The YouTube video is located at:https://youtu.be/TpKDM4vz9HU  My...

Here is some good news. Starting on Jan. 1, 2019, the standard mileage rates for the use of a car, vans, pickups, or panel trucks will be:- 58 cents for every mile of business travel you drive. (3.5 cent increase from the 2018 rate)- 20 cents per mile driven for medical or moving purposes. (2 cen...

If you are making quarterly estimated tax payments to the IRS, the due date for the 2018 September 1st - December 31st quarter of the year is January 15th, 2019.For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can...

Did you know most employers offer a Flex Spending Account (FSA) Grace Period or $500 Carryover?If you had difficulty using up the funds in your medical flexible spending account (FSA) before the end of the year, your employer might offer you relief from the “use it or lose it rule” through a grac...

With less than one week left in the year and taxes being a significant percent of where our income goes, consider the following to reduce your 2018 tax bill:1) Estimate your Total Income. Update your accounting records; estimate your total income. Work with your CPA (or do it yourself) to do a qu...

I posted a YouTube Video on my Blog: "Uncollectable ? Why Now may be the time to File your offer"The You Tube video is located at: https://youtu.be/SnrVQvj74ZY  My practice is in Severn, MD.I specialize in the following services for both businesses and individuals:Tax Services:Tax Preparation & T...

I posted a YouTube Video on my Blog: "What is Uncollectible Status and How to Obtain it"The You Tube video is located at: https://youtu.be/ZWjNngoXGxk  My practice is in Severn, MD.I specialize in the following services for both businesses and individuals:Tax Services:Tax Preparation & Tax Planni...

If you have not filed tax returns in previous years or if you owe the IRS money it is helpful to know some of the key terms and how they are used in the language of the IRS tax collection industry. The focus of my practice in Severn, MD is to help taxpayers get in compliance with their IRS and st...

In my last blog, I talked about why Uncollectible Status may be a good place for a taxpayer to be. I also explained that it wasn’t a good long-term solution since the IRS would revisit your case at any time. If you don’t see your financial situation changing, and the thought of those annual IRS c...