January 21, 2019
It’s bitterly cold, there are reports of significant snow, so we must be entering tax season! There are steps you can take to make this season less stressful.
If you are an existing client, you should have already received our tax organizer for your 2018 Individual Tax Return. For new clients, we will need a copy of last year’s return (2017) to generate the 2018 tax organizer. By reviewing the questionnaire and organizer information, you will be better prepared, knowing what information is needed for your 2018 return, including:
If you haven’t already, signing up for your portal through our website is an excellent tool for time savings. The tax portal allows you to both upload all your documents as you receive them and to download a digital copy of your tax returns, including all source documents for current and previous years. You may also upload all signed documents needed to file your return.
Please contact us with any questions or to help you setting up your portal today. We want to make this tax season as easy as possible for you!
While we’re now two weeks removed from Punxsutawney Phil’s early spring prognostication, spring doesn’t really come for us at LBF Group until after April 15th. As we’ve fully entered tax season, I see different variations of the same two texts regularly. Loosely speaking, they ask:
1.) I saw/heard (some program, article, etc.) that said my refund this...
Despite several setbacks, the IRS has officially opened up filing for the 2019 tax season. The IRS anticipates refunds to start being issued the first week of February and does not expect the government shutdown to affect the refunds of those individuals who file early, contrary to previous reports. It’s important to note that the IRS typically receives a tremendous number of phone...
The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (“QTPs,” also commonly known as “529 plans”) that you might be interested in. These changes take effect for 529 plan distributions after 2017.
As you know, a 529 plan distribution is tax-free if it is used to pay “qualified higher education expenses” of the...