Ultimate Tax and Accounting LLC

Enjoy our special prices for comi ng tax season!

Looking for affordable bookkeeping and t ax services for your business? The answ er is here! as low as $1 50 per month!

IRS Letter CP2000: Proposed Changes to Yo ur Tax Return

https://www.youtube.com/watch?v=3R0POvqL3Ko

IRS Letter CP2000: Proposed Changes to Yo ur Tax Return Learn about the IRS’s CP2000 lett er and how to respond to it. Contact the IRS via the pho ne number on the letter for t he fastest results.

Check with Your Accountant before t he End of 2019 Tax Season:
Do I ha ve the correct taxing entity as we ent er 2019?
What changes can I implement n ow, so I can benefit from t he 20% pass-through deduction?
If I have an S corporati on, what is the reasonable compensation y ou would recommend?
If my practice operates as an L LC, what should my guaranteed payment be?
Do es it make sense to elect to u se Section 179 depreciation for 2019?
Shou ld I consider electing out of t he bonus depreciation?
If I have debt on my practi ce, should I consider bonus depreciation a nd/ or Section 179 depreciation?
Does it ma ke sense to title my automobile in my practice 's name and depreciate it accordingly?

Forms & Instructions | Internal Reven ue Service

IRS Tax Tips (Part One)

The I RS mails millions of notices and lette rs to taxpayers each year. There a re a variety of reasons why we mig ht send you a notice. Here a re the top tips to know in ca se you get one.

1- Don’t panic. Y ou often can take care of a noti ce simply by responding to it.

2- An IRS notice typically will be abo ut your federal tax return or t ax account. It will be about a specif ic issue, such as changes to yo ur account. It may ask you f or more information. It could also expla in that you owe tax and th at you need to pay the amou nt that is due.

3- Each noti ce has specific instructions, so read it careful ly. It will tell you what y ou need to do.

4- You m ay get a notice that states t he IRS has made a change or correcti on to your tax return. If y ou do, review the information and compa re it with your original return.

5- If you agree with the noti ce, you usually don’t need to rep ly unless it gives you other instructio ns or you need to make a payment .

6- If you do not agr ee with the notice, it’s important f or you to respond. You should wri te a letter to explain why y ou disagree. Include any information and documen ts you want the IRS to consid er. Mail your reply with the bott om tear-off portion of the notice. Se nd it to the address shown in t he upper left-hand corner of the noti ce. Allow at least 30 days f or a response.

7- You won’t ne ed to call the IRS or vis it an IRS office for most notic es. If you do have questions, ca ll the phone number in the upp er right-hand corner of the notice. Ha ve a copy of your tax retu rn and the notice with you wh en you call. This will help t he IRS answer your questions.

8- Alwa ys keep copies of any notices y ou receive with your other tax records .

9- Be alert for tax sca ms. The IRS sends letters and notic es by mail. The IRS does n ot contact people by email or soci al media to ask for personal or financi al information.

10- For more on th is topic visit IRS.gov. Click on t he link ‘Responding to a Notice’ at t he bottom left of the home pa ge. Also, see Publication 594, The I RS Collection Process. You can get it on IRS.gov/for ms at any time.

Forms & Instructions | Internal Reven ue Service The official source of IRS t ax forms and publications. The links provi de methods to access and acquire bo th electronic and print media.

Steps to Take Now to G et a Jump on Next Year’s Tax es | Internal Revenue Service

Do you know?
"Child tax credit a nd additional child tax credit. For 20 18, the maximum credit increased to $2,0 00 per qualifying child. The maximum addition al child tax credit increased to $1,4 00. In addition, the income threshold at whi ch the credit begins to phase o ut is increased to $200,000 ($400,000 if marri ed filing jointly)."

https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes

Steps to Take Now to G et a Jump on Next Year’s Tax es | Internal Revenue Service Steps to Take Now to G et a Jump on Next Year’s Tax es

IRS issues proposed regulations on n ew 20 percent deduction for passthrough business es | Internal Revenue Service

Remember:
(The new deduction -- referred to as t he Section 199A deduction or the deducti on for qualified business income -- w as created by the Tax Cuts a nd Jobs Act. The deduction is availab le for tax years beginning after D ec. 31, 2017. Eligible taxpayers can cla im it for the first time on t he 2018 federal income tax return th ey file next year.

The deduction is general ly available to eligible taxpayers whose 2018 taxab le incomes fall below $315,000 for joi nt returns and $157,500 for other taxpaye rs. It’s generally equal to the less er of 20 percent of their qualifi ed business income plus 20 percent of the ir qualified real estate investment trust dividen ds and qualified publicly traded partnership inco me or 20 percent of taxable inco me minus net capital gains.

Deductions for taxpaye rs above the $157,500/$315,000 taxable income threshol ds may be limited. Those limitations a re fully described in the proposed regulations.

Qualifi ed business income includes domestic income fr om a trade or business. Employee wag es, capital gain, interest and dividend inco me are excluded.)
https://www.irs.gov/newsroom/irs-issues-proposed-regulations-on-new-20-percent-deduction-for-passthrough-businesses

IRS issues proposed regulations on n ew 20 percent deduction for passthrough business es | Internal Revenue Service IR-2018-162, Aug. 8, 2018 — T he Internal Revenue Service issued proposed regulatio ns today for a new provision allowi ng many owners of sole proprietorships, partnershi ps, trusts and S corporations to dedu ct 20 percent of their qualified busine ss income.

Ultimate Tax and Accounting LLC updat ed their website address.

Ultimate Tax and Accounting LLC updat ed their website address.

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