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5 Critical Tax Tips For Nonprofits in 2019

No one enjoys filing taxes, but it can be especially problematic for nonprofits. Many nonprofits focus on their cause so much that they neglect proper organization. As a result, they deal with disorganized records and systems, and a lack of clarity around tax issues....

THE SMART BUSINESS OWNER’S LIST OF TAX DEDUCTIONS

For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

Employees, Check Your Withholdings

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Hey, employees, in light of the Tax Cuts & Job Act, there are many tax changes that have taken place (for more information, see this article). In particular, the changes to tax credits and deductions will have an impact on your taxes this year. Although you usually check your withholdings after events like a marriage or birth, the IRS is recommending that taxpayers check their withholdings now to make sure that we are not surprised by a tax debt payment in next year’s tax season.

As an employee, you can use the W-4 worksheet (this form has been updated to account for 2018 changes) and the IRS Withholdings calculator to review your withholdings and make sure that your are claiming the correct of amount of allowances or correctly estimating their taxes. For more advice on checking your W-4 review, visit the IRS site.

Remember that the new standard tax deduction levels are $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses. This means that if you have itemized deductions in previous years, you will want to ensure that you’re not now within a standard deduction limit. You must also remember that personal exemptions have been suspended until 2025. Revisit your allowances now and save yourself a headache later!

Need a Tax Consultant or CPA?

Withholdings can be hard to understand for many people, yet it can prevent numerous headaches for employees. Although you may not have checked your withholdings since you started your job, now is a great time to revisit those numbers and see if they are still working in your favor. If you need help, MBS Accountancy is here to help you with all of your tax or financial needs, answering your difficult questions and providing you with simple, yet comprehensive solutions to your issues.

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