Shein & Wente Blogs
The TCJA prohibits undoing 2018 Roth IRA conversions
Posted: Nov 30, -0001
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible Converting a traditional IRA to a Roth IRA can provide tax-free...
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Business deductions for meal, vehicle and travel expens
Posted: Jul 24, 2018
Business deductions for meal, vehicle and travel expenses: Document, document, document Meal, vehicle and travel expenses are common deductions for businesses...
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Close-up on the new QBI deduction's wage limit
Posted: Jul 19, 2018
Close-up on the new QBI deduction’s wage limit The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through...
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Do you know the ABCs of HSAs, FSAs and HRAs?
Posted: Jul 3, 2018
Do you know the ABCs of HSAs, FSAs and HRAs? There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact...
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Sending your kids to day camp may provide a tax break
Posted: May 23, 2018
Sending your kids to day camp may provide a tax break When school lets out, kids participate in a wide variety of summer activities. If one of the activities...
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Get started on 2018 tax planning now!
Posted: May 1, 2018
Get started on 2018 tax planning now! With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner...
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Haven't filed your 2017 income tax return yet? Beware
Posted: Apr 10, 2018
Haven’t filed your 2017 income tax return yet? Beware of these pitfalls The federal income tax filing deadline is slightly later than usual this...
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You still have time to make 2017 IRA contributions
Posted: Apr 3, 2018
You still have time to make 2017 IRA contributions Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the...
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Home-related tax breaks are valuable on 2017 returns, w
Posted: Mar 20, 2018
Home-related tax breaks are valuable on 2017 returns, will be less so for 2018 Home ownership is a key element of the American dream for many, and the...
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Don't forget: 2017 tax filing deadline for pass-throu
Posted: Mar 13, 2018
Don’t forget: 2017 tax filing deadline for pass-through entities is March 15 When it comes to income tax returns, April 15 (actually April 17 this...
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Corrections To Form 1095-A May Require Amended Returns
Posted: Feb 26, 2018
Corrections To Form 1095-A May Require Amended Returns Taxpayers who receive corrected 2017 Forms 1095-A, Health Insurance Marketplace Statement, may...
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Hurricane Loss Tax Relief
Posted: Feb 19, 2018
If you had ANY losses from Hurricanes Harvey, Irma or Marie in 2017 you may be entitled to a tax deduction. The casualty and theft loss deduction helps...
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Your 2017 tax return may be your last chance to take th
Posted: Jan 22, 2018
Your 2017 tax return may be your last chance to take the “manufacturers’ deduction” While many provisions of the Tax Cuts and Jobs Act...
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New tax law gives pass-through businesses a valuable de
Posted: Jan 8, 2018
New tax law gives pass-through businesses a valuable deduction Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21...
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Personal exemptions and standard deductions and tax cre
Posted: Jan 17, 2018
Personal exemptions and standard deductions and tax credits, oh my! Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally...
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Standard Mileage Rates Increase For 2018
Posted: Dec 21, 2017
Standard Mileage Rates Increase For 2018 The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of...
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Accelerating 2017 Itemized Deductions Year-End Tax Plan
Posted: Nov 17, 2017
Accelerating 2017 Itemized Deductions Year-End Tax Planning Considering the fact that Congress is working on major changes to Itemized & Standard...
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Tax Relief for Victims of Hurricane Irma
Posted: Sep 18, 2017
IRS DEADLINE EXTENSIONS: The Internal Revenue Service has granted extensions until January 31, 2018, for any tax return, extended tax return or...
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Many Popular Tax Rules Now Permanent
Posted: Oct 11, 2017
Many Popular Tax Rules Now Permanent Frequent revisions in tax laws can make planning tough. Fortunately, a law passed late in 2015 changed a...
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Home Office Tax Deduction
Posted: Jul 26, 2017
Home Office Tax Deduction A taxpayer may take a home office deduction relating to a residence that the taxpayer occupies where: the taxpayer exclusively...
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Have Questions? We're Here All Year!
Posted: Jul 6, 2017
Have Questions? We’re Here All Year! Many clients see their CPAs at tax time, when the main focus is on completing and filing their tax return...
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International Tax Planning Questions? We Can Help
Posted: Apr 21, 2017
International Tax Planning Questions? We Can Help Tax planning is complicated, and that’s especially true for taxpayers who are citizens...
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Eight Individuals Arrested for IRS Phone Scams
Posted: May 1, 2017
Eight Individuals Arrested for IRS Phone Scams The Treasury Inspector General for Tax Administration (TIGTA) has announced that eight individuals, who...
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New Due Dates Could Ease Partnership Frustrations in 20
Posted: Jan 18, 2017
New Due Dates Could Ease Partnership Frustrations in 2017 Filing Season Have you been frustrated in the past due to complications in finalizing...
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Documenting Your Charitable Donations
Posted: Jan 26, 2017
Documenting Your Charitable Donations Many people make donations to charities whose work they support, but if you are planning to take a tax deduction...
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2017 Standard Mileage Rates Drop
Posted: Dec 15, 2016
2017 Standard Mileage Rates Drop The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible...
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2016 Post-Election Tax Update
Posted: Nov 14, 2016
2016 Post-Election Tax Update Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election...
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IRS Gives Tax Relief to Victims of Hurricane Matthew
Posted: Oct 20, 2016
IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File. Hurricane...
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Don't Forget the September 15 Estimated Tax Payment D
Posted: Sep 9, 2016
Don’t Forget the September 15 Estimated Tax Payment Deadline! Do you own your own business or do a great deal of freelance work? Or maybe you receive...
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Health Care Premium Tax Credit: Penalty Warning
Posted: Aug 24, 2016
Health Care Premium Tax Credit: Penalty Warning Do you purchase health care coverage through the Health Insurance Marketplace? If you do, you may have...
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Get Your RMDs Before It's Too Late!
Posted: May 10, 2016
Get Your RMDs Before It’s Too Late! Have you taken the required minimum distribution (RMD) from your individual retirement arrangement or workplace...
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What are the odds that IRS will audit me?
Posted: Apr 20, 2016
What are the odds that IRS will audit me? The chances of an individual being audited are pretty small, but there are some red flags that could increase...
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Donations That Qualify For A Charitable Deduction
Posted: Mar 8, 2016
Not all donations you give are actually considered Charitable Contributions and therefore deductible on your tax return as an itemized deduction...
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Don't Forget the June 15 Estimated Tax Payment Deadli
Posted: Jun 9, 2016
Don’t Forget the June 15 Estimated Tax Payment Deadline! Do you own your own business or do a great deal of freelance work? Or maybe you receive...
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Protect Yourself From Tax Identity Theft
Posted: Jan 29, 2016
Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed...
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Tips To Make Your 1040 Tax Filing a Smooth One
Posted: Jan 12, 2016
Having you and your CPA on the same page can go a long way to making this tax season a less stressfull one for you and your CPA. Here are some tips to...
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What Do Last-Minute Tax Changes Mean for You?
Posted: Jan 5, 2016
What Do Last-Minute Tax Changes Mean for You? On Dec. 18, 2015, the President signed a bill that included several tax provisions affecting individuals...
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Thanks for Being a Part of Our Firm's Family!
Posted: Nov 17, 2015
Thanks for Being a Part of Our Firm’s Family! At this time of year, we sit down with our families to acknowledge all the many things that have made...
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Should You Report Changes to the Health Insurance Marke
Posted: Nov 6, 2015
Should You Report Changes to the Health Insurance Marketplace? Do you receive your health insurance coverage through the government’s Health...
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Managing the Tax Effects of Divorce or Separation
Posted: Oct 14, 2015
Managing the Tax Effects of Divorce or Separation What impact can a divorce or legal separation have on your tax situation? You may be surprised to learn...
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Employee or Independent Contractor?
Posted: Oct 5, 2015
The IRS looks at three factors to determine how workers should be classified. The behavioral test focuses on whether the company controls or has the...
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Plan Now to Save on Taxes Later
Posted: Sep 24, 2015
Plan Now to Save on Taxes Later Even though tax filing time is far away, the fall is the perfect time to start your planning so you can take advantage...
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Tax Rules For Those In The Military
Posted: Sep 8, 2015
Location, Location, Location: Tax Rules for those in the Military If you’re in the armed forces, location can be an important factor in your tax...
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Conquer Your Capital Gains Concerns!
Posted: Aug 10, 2015
Conquer Your Capital Gains Concerns! Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset...
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What You Should Know about Changes in Education Provisi
Posted: Jul 28, 2015
What You Should Know about Changes in Education Provisions in the Tax Law Are you making the most of tax benefits designed to offset some of the high...
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Tips for Spouses Coordinating Social Security Benefits
Posted: Jul 14, 2015
Tips for Spouses Coordinating Social Security Benefits As the large Baby Boom generation ages, roughly 10,000 Americans are celebrating their 65th birthday...
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Vacation Home Sale Loss Is Not Deductible
Posted: Jul 2, 2015
Vacation Home Sale Loss Is Not Deductible A second home or vacation home is classified as personal property for income tax purposes and therefore any...
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Smart Disaster Planning Steps
Posted: Jun 30, 2015
Smart Disaster Planning Steps Too often natural disasters strike and serve as reminders that it’s important for both individuals and businesses...
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Got Foreign Assets? FBAR May Apply to You
Posted: Jun 18, 2015
Got Foreign Assets? FBAR May Apply to You Are you aware of the nature of all your investments, domestic and international? Do you know if you...
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Don't Be Taken in by Phony IRS Requests
Posted: Jun 9, 2015
Don’t Be Taken in by Phony IRS Requests The phone rings. The caller says they are from the Internal Revenue Service and they claim you owe taxes...
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Is a Like-Kind Exchange a Good Option for Your Business
Posted: Jun 3, 2015
Is a Like-Kind Exchange a Good Option for Your Business? Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind...
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Statute of Limitations on Back Taxes
Posted: May 27, 2015
Statute of Limitations on Back Taxes If you owe back taxes, how long does the IRS have to assess and collect them? The answer varies based on the situation...
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Determining Basis of Inherited Property
Posted: May 20, 2015
Inherited Property Basis When you receive inherited property your basis in that property is equal to the fair market value of the property on the date...
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Higher Medicare Premiums - How to Prepare in 2015
Posted: Nov 30, -0001
President Obama signed a bill last week that will cause many seniors to pay higher Medicare premiums. The higher premiums will not take effect until 2018...
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Setting Up A Payment Plan With The IRS Online
Posted: Apr 20, 2015
Are you unable to pay all of your current tax owed to the IRS with one payment? The IRS will allow you to make installment payments online. To qualify...
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Individual Tax Return Extensions
Posted: Apr 10, 2015
The April 15th due date for individual tax returns is fast approaching! If you have not yet filed your 2014 Form 1040 you may want to start thinking...
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Incorrect Form 1095-A Health Insurance Taxpayer Relief
Posted: Apr 3, 2015
Treasury announced relief for taxpayers who received incorrect Forms 1095-A, Health Insurance Marketplace Statement. Affected taxpayers will not need to...
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How to Get a Replacement SSA-1099
Posted: Mar 11, 2015
Social Security benefit recipients who have misplaced their SSA-1099 tax form can obtain a replacement quickly by setting up an online Social Security...
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Student Loan Interest Deduction
Posted: Feb 3, 2015
You can deduct up to a maximum of $2,500 of Qualified Student Loan Interest paid during the year. In Order to Qualify: The loan must have been taken...
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Gas Mileage Deductions for 2014
Posted: Jan 22, 2015
The 2014 standard mileage rate for business associated miles is 56 cents per mile. For medical or moving purposes, the standard mileage rate is 23.5...
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Did You Know You May Qualify for a Gift Tax?
Posted: Dec 23, 2014
The IRS (Internal Revenue Service) requires that you report the total gifts to any single person that exceeds a total annual value of $14,000. You may...
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Back to Basics: Form 1040
Posted: Dec 23, 2014
Form 1040 (also known as Schedule A) has existed since 1913, 40 years before the Federal Government established that branch as the Internal Revenue...
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