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Due to the Tax Cuts and Jobs Act, many taxpayers’ withholding decreased in 2018 providing more money in their paychecks. During the year, some taxpayers may have received a smaller refund or even owe an unexpected tax bill when filing their 2018 tax return this year. At Bowman Tax & Financial, we are experiencing an… Read More
At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a simpler way to file, a closer look may tell a… Read More
A U.S. Supreme Court ruling last week involving the state of South Dakota vs Wayfair (an online furniture retailer) opens the door for states to impose sales taxes on online retailers located outside their borders. This will have wide-reaching effects on small businesses and consumers. Here’s what you need to know: Who benefits? State governments. States will… Read More
The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS. So, be careful if you regularly pay a gardener, housekeeper, nanny, babysitter or any… Read More
Reminder: 2nd Quarter Estimated Taxes Due Now is the time to make your estimated tax payment Shellie M. Bowman, EA, MSM, CRPC If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now… Read More
Shellie M. Bowman, EA, MSM, CRPC According to the Internal Revenue Service, taxes must be paid during the year as income is earned or received. To comply, taxes can be paid either through withholding or estimated tax payments. Estimated tax payments may be necessary If the amount of income tax withheld from your salary or… Read More
Shellie M. Bowman, EA, CRPC, MSM So, you’ve started a business, made some money, now you must answer some tax and financial questions. Suddenly you realize you haven’t done any bookkeeping. But, you saved your business bank statements and receipts. Now you have some serious catching up to do. What do you do? Fortunately, we’ve… Read More