Tax Information

  • Please click on link below to open the 2017 Questionnaire.

    2017 Questionnaire

  • Please click on link below to open the 2017 Tax Organizer.

    2017 Tax Organizer

  • The new tax laws in effect for 2018 are far too numerous to explain here on our website.  In fact, new regulations explaining the new tax laws are being written daily.

    To get the latest information on the new tax laws please contact our office for an appointment to discuss how the changes will affect you, your family and your business.   

  • If you are a victim of identity theft, the Federal Trade Commission recommends these steps:

    • File a complaint with the FTC at
    • Contact one of the three major credit bureaus to place a ‘fraud alert’ on your credit records:
    • Contact your financial institutions, and close any financial or credit accounts opened without your permission or tampered with by identity thieves.

    If your SSN is compromised and you know or suspect you are a victim of tax-related identity theft, the IRS recommends these additional steps:

    • Respond immediately to any IRS notice; call the number provided or, if instructed, go to
    • Complete IRS Form 14039, Identity Theft Affidavit, if your efiled return rejects because of a duplicate filing under your SSN or you are instructed to do so. Use a fillable form at, print, then attach the form to your return and mail according to instructions.
    • Continue to pay your taxes and file your tax return, even if you must do so by paper.
  • Maximum earnings subject to Social Security Tax

    2018 = $128,700

    2017 = $127,200
    2016 = $118,500

    If you are working, receiving social security benefits and under full retirement age, your benefits will be reduced if you earn more than:

    2018 = $17,040

    2017 = $16,920
    2016 = $15,720

  • You CANNOT deduct donations to politicians, political campaigns, political action committees, political parties, “Go-fund-me” accounts or individuals.

    You CAN only deduct donations to “Qualified Charitable Organizations”, also known as 501(c)3 organizations.  We recommend that you document your donations by check or credit card, and request a letter of receipt from the charity showing the amount date and amount donated.  Donations of cash are difficult to defend if you are audited by the IRS.

    Non-cash donations (clothing, household items, etc.) should be itemized and valued by you at the time of the donation.  We recommend that you take pictures of items you donate as documentation and get a receipt from the charitable organization.

    Donations valued at $5,000 or more require an appraisal.  

    Donations of automobiles, artwork and shares of stock have special rules.  Please call us if you plan to donate one or more of these items.

  • Do I need to pay quarterly tax estimates?

    If your tax withholdings from your paycheck, pension or retirement accounts, etc. will cover your tax liability for the year, then you will likely NOT have to pay quarterly tax estimates.

    However, if you believe your tax withholdings will leave you owing tax next April, then quarterly estimated tax payments MAY be necessary to avoid costly interest and penalty charges assessed by the IRS and any state where you must file.

    The amount of your estimated tax payments depends on your income levels.  We would be happy to assist in calculating your estimates.

  • The gain on the sale of your personal residence is NOT taxable if:

    • The gain is less than $250,000 if filing single
    • The gain is less than $500,000 if married filing joint
    • If, during the 5-year period ending on the date of the sale, you have owned the home for at least 2 years (the ownership test),
    • and if, during the 5-year period ending on the date of the sale, you lived in the home as your main home for at least 2 years (the use test),

    If you owned and lived in the property as your main home for less than 2 years, you may still be able to claim an exclusion in some cases. Call us for details on this exclusion.

  • Contribution limits for:  
    Traditional & Roth IRAs  
    Catch-up Contributions for participants age 50 or older$1,000$1,000
    401(k), 403(b), 457 Plans  
    Catch-up Contributions for participants age 50 or older$6,000$6,000
    SIMPLE IRA plans  
    Catch-up Contributions for participants age 50 or older$3,000$3,000
    Qualified plans annual compensation limit$275,000$270,000
    Maximum annual amount$55,000$54,000
  • Standard mileage rates for an automobile used for:

    Business purposes

    2018  –  54.5 cents per mile
    2017  –  53.5 cents per mile
    2016  –  54.0 cents per mile

    Medical or moving purposes

    2018  –  18 cents per mile
    2017  –  17 cents per mile
    2016  –  19 cents per mile

    Charitable purposes

    2018  –  14 cents per mile
    2017  –  14 cents per mile
    2016  –  14 cents per mile

  • What is Form W-4?

    Your employer needs you to complete Form W-4 so they can accurately withhold federal taxes from your paycheck. 

    When should I complete Form W-4?

    Your employer will have you complete Form W-4 when you start a new job.  You should consider updating this form each time your personal or financial situation changes – marriage, divorce, birth of children, landing a promotion with a raise or other increase in income.

    How many allowances should I claim on Form W-4?

    The number of allowances you claim depends on your personal and financial tax situation.

    In general, the fewer allowances you claim, the more federal income tax your employer will withhold and your take home pay will be less.  If you claim more allowances, your take home pay will increase because your employer will withhold less federal tax.  This sounds great, but be careful.  If you have too little tax withheld from your paychecks, you may owe taxes when you file your return next April.  In addition, you may also owe interest and penalties for having too little withheld.  Please call us if you have questions.

  • Significant casualty losses NOT covered by insurance MAY be deductible on your tax return.  Call us immediately if you have experienced any of these unfortunate events.

    Losses from theft, fire, hail or wind storms, flooding, damages incurred in federal disaster areas (hurricanes, tornadoes, earthquakes), etc. must be documented appropriately to be deductible.