Author name: Penrose & Associates

Natural disasters can strike anywhere and the financial cost to individual households and businesses can be staggering. Insurance may help defray some of the costs associated with restoring and replacing damaged and destroyed property. In some cases, the IRS may institute special programs and provisions designed to bring added relief to victims living in affected […]

The Tax Jobs and Cuts Act (TCJA) was signed into law last year, with the promise that most taxpayers would get a tax break. However, the General Accounting Office (GAO) is warning that, unless taxpayers act to adjust their withholding, more than thirty million taxpayers will owe taxes next year, an increase from last year. Why is

The Tax Cuts and Jobs Act made some major changes to the deduction for property taxes. Here’s what you need to know. There were several IRS tax deductions that didn’t survive the tax reform process and will no longer be available. However, the deduction for state and local taxes, which includes the property tax deduction, did

Knowledge is power, especially when it comes to avoiding tax scams. Here’s what you need to know to determine whether an encounter – in person, over the phone or by email – is an imposter or an actual IRS employee: The IRS Does Not: Call to demand immediate payment using a specific payment method, such

Before starting a summer job, or sending the kids off to camp, the Internal Revenue Service wants taxpayers to know that some summertime activities may qualify for tax credits or deductions. The IRS also recommends that taxpayers check the amount of their withholding taxes now to help avoid surprises next filing season. Here are some

Due to the 2017 Tax Cuts and Jobs Act, taxpayers who typically itemize their deductions on Schedule A of the Form 1040 are encouraged to use the IRS Withholding Calculator this year to perform a “paycheck checkup.” Taxpayers who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Taxpayers

It’s now been a few months since Penrose & Associates launched the new iPhone and Android App.  Since then, clients and contacts have downloaded it across the NY/NJ tristate area. The App has generated some fantastic feedback from users enjoying its many features for free. As a modern, forward thinking firm we are always looking

With the passage of the Tax Cuts and Jobs Act (TCJA) last December, many Americans are wondering what will actually happen to their tax liabilities when they file their 2018 taxes in 2019.   Here’s a recap of some of the major tax provisions in the new tax bill and how they may impact you. Lower Tax Rates and

Taxpayers who discover that mistakes or omissions were made on their on their tax return can correct them by filing an amended tax return. Those who need to amend should remember these tips: Amend to correct errors. File an amended tax return to correct errors or make changes to an original tax return; for example,

Getting divorced or recently divorced here are a few major divorce tax considerations With divorce comes major financial changes, and they include taxes. Unfortunately, tax implications persist long after a divorce becomes final. For those who went through a divorce in 2017, here are the main things you need to consider as the April 15