Andrew Becker CPA. PC

07/19/2024

This is a 393-year old Greenland Shark that was located in the Arctic Ocean. It's been wandering the ocean since 1627. It is the oldest living vertebrate known on the planet.

11/06/2018

New Limits On IRA's & Pension Plans

IRS announced the 2019 COLA adjustments to retirement plan limits on November 1, 2018 in Notice 2018-83.

Elective deferrals for 401(k), 403(b), etc. plans rise from $18,500 to $19,000, plus $6,000 for those age 50 or older.

The limit on defined contribution accounts increases from $55,000 to $56,000.

The definition of a key employee in a top-heavy plan rises from $175,000 to $180,000.

The definition of a highly compensated employee is now $125,000, up from $120,000.

The maximum amount an employee can defer to a SIMPLE plan rises from $12,500 to $13,000.

The deductible amount under IRA limits rises to $6,000 from $5,500, plus an additional $1,000 for those age 50 or older.

These numbers are particularly important for those attempting to initiate a pension plan by year-end in order to decrease income and potentially avoid the income limitation thresholds of §199A – especially those applicable to service businesses.

08/24/2018

Time for a Paycheck Checkup You should check if you:

Are a two-income family.
Have two or more jobs at the same time or only work part of the year.
Claim credits like the child tax credit.
Have dependents age 17 or older.
Itemized deductions in 2017.
Have high income or a complex tax return.
Have a large tax refund or tax bill for 2017.

08/24/2018

https://www.irs.gov/newsroom/businesses

As the IRS implements this major tax legislation, check this page for updates and resources to learn how the Tax Cuts and Jobs Act (TCJA) affects businesses.

08/24/2018

https://www.irs.gov/newsroom/individuals

tax reform individuals landing page

08/24/2018

https://www.cpapracticeadvisor.com/news/12426371/75-years-ago-she-became-the-first-african-american-female-cpa?utm_source=dlvr.it&utm_medium=facebook

In 1939, when virtually no firms would hire African-Americans or females, let alone an African-American female, she began her own firm in a basement on the South Side of Chicago where she opened doors for future generations of African-American ...

08/14/2018

https://www.irs.gov/newsroom/taxpayers-with-high-incomes-complex-returns-check-withholding-soon

IR-2018-165, Aug. 14, 2018 — The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019.

07/12/2018

A Mid-Year Tax Checkup May Be Appropriate

Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought about by tax reform.

One area of major concern is the amount of taxes individuals are withholding from their wages. Tax reform was passed late in 2017, and there was a considerable amount of confusion among employers related to the amount of taxes to withhold in 2018. It took the IRS a couple of months to come out with a revised Form W-4 (Employee's Withholding Allowance Certificate) and withholding tables, and even then, there were concerns about whether the revised and more complicated W-4s were being filled out correctly by employees and whether the revised W-4s were actually being submitted to employers at all. The IRS has even been issuing notices cautioning taxpayers to be sure they are withholding enough.

While most people will see an overall tax reduction as a result of the tax reforms, the amount of their refund or tax due hinges on the amount of pre-payments, which include withholding and estimated tax payments. All this confusion related to withholding can lead to unpleasant surprises at tax time. If you count on a refund each year, it might be appropriate to have this office run a mid-year tax projection to ensure that the projected refund will be as expected.

This is also true for retirees receiving pensions and Social Security benefits and for self-employed taxpayers who are making pre-payments via estimated taxes. You obviously do not want to pay too much and generally don’t want to end up with a huge tax liability. A mid-year check-up will allow adjustments to the 3rd- and 4th-quarter estimated tax payments so that the end result will be as desired.

Married couples with two working spouses, individuals with multiple jobs and situations in which taxpayers are both wage earners and self-employed cause the most difficulty in getting the prepayments correct. If you would like a mid-year projection and withholding check-up, please call for an appointment.

There are a number of other circumstances that can impact your taxes, and you probably should not wait until tax time to see the results. You could even be missing opportunities to decrease your prepayments and obtain more cash flow. With mid-year tax planning, you may be able to take steps to mitigate the tax impact of certain events and thus avoid unpleasant surprises before it is too late to address them. Here are some events that can significantly impact your tax liability:

-Getting married or divorced, or becoming widowed
Changing jobs or your spouse starting to work
Having a substantial increase or decrease in income
Having a substantial gain from the sale of stocks or bonds
Buying or selling a rental
Starting, acquiring, or selling a business
Buying or selling a main or vacation home
Retiring or going to retire this year
Being the beneficiary of an inheritance
Giving birth to or adopting a child
Making significant business purchases
Having substantial investment income or gains from the sale of investment assets
Making unplanned withdrawals from an IRA or pension plan

If you anticipate or have already encountered any of the above events or conditions, it may be appropriate to consult with my office—preferably before the event and definitely before the end of the year.

07/12/2018

06/22/2017

https://www.forbes.com/sites/kellyphillipserb/2017/06/15/irs-warns-on-new-twist-to-old-phone-scams/

The Internal Revenue Service (IRS) has issued a warning about a new telephone scam making the rounds.

05/31/2017

https://smallbiztrends.com/wp-content/uploads/2016/05/Sales-Tax-Compliance_Checklist.pdf

05/31/2017

https://smallbiztrends.com/2017/05/catch-up-on-retirement-savings.html?utm_source=dlvr.it&utm_medium=facebook

Good news: growing older entitles you to make “catch-up contributions” designed to enable small business owners to catch up on retirement savings.