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So far Jake Lincoln has created 122 blog entries.

IRS Announces 2016 Standard Mileage Rates

As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (or a van, pickup [...]

By |2016-11-23T22:45:41+00:00January 13th, 2016|Categories: Uncategorized|Comments Off on IRS Announces 2016 Standard Mileage Rates

1099 Filing Date Just Around The Corner

If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee and you pay him or her $600 or more for the calendar year, you are required to issue him or her a Form 1099 at the end of the year to [...]

By |2016-11-23T22:45:41+00:00January 7th, 2016|Categories: Uncategorized|Comments Off on 1099 Filing Date Just Around The Corner

January 2016 Individual Due Dates

January 4 - Time to Call for Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. If you are an employee who works for tips and received more than $20 [...]

By |2016-01-21T00:00:26+00:00January 4th, 2016|Categories: Uncategorized|Comments Off on January 2016 Individual Due Dates

All You Need to Know about the New Tax Extender Legislation

Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at [...]

By |2016-11-23T22:45:41+00:00December 31st, 2015|Categories: Uncategorized|Comments Off on All You Need to Know about the New Tax Extender Legislation

Don’t Be a Victim to IRS Phone and E-Mail Scams

Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and [...]

By |2016-11-23T22:45:41+00:00December 28th, 2015|Categories: Uncategorized|Comments Off on Don’t Be a Victim to IRS Phone and E-Mail Scams

Holiday Charity Donation Tips

Article Highlights: Long-Form Itemization Required Qualified Charities Only Cash Donations Non-cash Donations Year-End Donations During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your tax return and advice for how not to be scammed by criminals [...]

By |2016-11-23T22:45:41+00:00December 24th, 2015|Categories: Uncategorized|Comments Off on Holiday Charity Donation Tips

Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?

  Article Highlights: Conversion Timing Why Convert? When to Convert? Undoing A Conversion Issues to Consider Before Making the Decision The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. To make a conversion, you must pay income [...]

By |2016-01-21T00:00:26+00:00December 21st, 2015|Categories: Uncategorized|Comments Off on Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?

President signed extender bill (12-18-15)

The President has signed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). Below is more information on the Act's provisions. Made permanent: Enhanced Child Tax Credit Enhanced American Opportunity Tax Credit Enhanced Earned Income Tax Credit Above-the-line educator deduction Sales tax deduction Enhanced mass transit and parking pass benefits IRA-to-charity — California automatically [...]

By |2016-01-21T00:00:26+00:00December 19th, 2015|Categories: Uncategorized|Comments Off on President signed extender bill (12-18-15)

Financial Planning Tips: S-Corp and Self Employment, Dealing with Divorce

Coastal Tax Advisors featured on wsRadio Dave Morgan, CPA and co-founder of Coastal Tax Advisors, shares ways to lower your tax burden when self-employed while boosting your retirement nest egg. He also discusses how shifting from a sole proprietorship to an S-Corporation can significantly reduce the amount of tax you pay. Dave also discusses how [...]

By |2016-01-21T00:00:27+00:00August 6th, 2015|Categories: Divorce Planning, Financial Planning|Tags: , |Comments Off on Financial Planning Tips: S-Corp and Self Employment, Dealing with Divorce

Get Credit for Generating Your Own Home Power

Through 2016, taxpayers can get a 30% tax credit on their federal tax returns for installing certain power-generating systems in their homes. The credit is non-refundable, which means it can only be used to offset a taxpayer’s current tax liability, but any excess can be carried forward to offset tax through 2016. Systems that qualify [...]

By |2016-11-23T22:45:41+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Get Credit for Generating Your Own Home Power