Author name: Penrose & Associates

With President Trump’s new tax law, the child tax credit was raised from $1,000 to $2,000 per child for 2018 and 2019. Having qualified dependent children may also allow you to claim other significant tax credits, including the earned income credit (EIC). Together, the tax savings can be significant for many American families. However, at […]

It’s well past April 15th, so unless you applied for an extension, the stress and frustration of filing your federal tax return should be a distant memory by now. But what if you suddenly realize there’s a mistake on your return or new development that affects the amount of tax you should have paid? What

The tax law defines medical expenses as the costs for diagnosis, cure, mitigation, treatment or prevention of disease and for treatments affecting any part or function of the body. Obviously, this definition covers the costs for health insurance premiums (if they aren’t deducted in pre-tax dollars from your paycheck), doctors, hospital stays, diagnostic testing, prescription

Filing your federal income tax return can be a stressful and complicated task. So we’ve put together this handy guide to set you on the right path and to prevent you from running around like a chicken with its head cut off when April rolls around.  This guide is intended to be only a handy

The new tax law has put a whole new spin on year-end tax planning, though it hasn’t eliminated the need to do it all together.  “The tricks we had in our back pocket have been taken away in the name of simplification,” said Nathan Smith, a director in the national tax office of CBIZ MHM

Many tax filers claim perfectly deductible and legitimate expenses only to have them disallowed because they can’t substantiate them. Here’s how to make sure you have the right proof to get all your deductions… Out-of-pocket expenses Out-of-pocket cash expenses in connection with a business or charitable organization activity do not need receipts if individual expenses

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