Author name: Penrose & Associates

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

With the 2018 filing season in full swing, the Internal Revenue Service today offered taxpayers some basic tax and refund tips to clear up some common misbeliefs. Myth 1: All Refunds Are Delayed The IRS issues more than nine out of ten refunds in less than 21 days. Eight in 10 taxpayers get their refunds

By law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit (ACTC) before mid-February. This applies to the entire refund — even the portion not associated with the EITC and ACTC. While the IRS will process those returns when received, it cannot issue related