Safekeeping tax records helps for future filing, amended returns, and audits.
Nov22

Safekeeping tax records helps for future filing, amended returns, and audits.

With the tax filing season quickly approaching, the Account On Us wants taxpayers to understand how long to keep tax returns and other documents.   The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at least four years after the date that the tax becomes due or paid, whichever is later. Tax records should be kept at least seven years if a...

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Donations could cut your Tax Bills.
Nov20

Donations could cut your Tax Bills.

The Internal Revenue Service reminds taxpayers looking to maximize their tax savings before the end of the year to consider charitable giving. Many taxpayers may already be planning on doing so for #Giving Tuesday on Nov. 26. Giving money or goods to a tax-exempt charity before Dec. 31 can usually be deducted on that year’s federal income tax return. Taxpayers are urged to consider the following before donating:   Only Donations...

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Get Ready for Taxes: Get 2019 tax documents ready for upcoming filing season
Nov18

Get Ready for Taxes: Get 2019 tax documents ready for upcoming filing season

The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2020.   This is the fifth in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS has recently updated its Get Ready page with steps to take now for the 2019 tax filing season.   Keeping...

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Plan now to use Health Flexible Spending Arrangements
Nov12

Plan now to use Health Flexible Spending Arrangements

The Internal Revenue Service today reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019.   FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year...

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For many, time is running out to avoid a tax-time surprise; Check withholding, make estimated payments now.
Nov12

For many, time is running out to avoid a tax-time surprise; Check withholding, make estimated payments now.

Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the Internal Revenue Service.   Although the tax reform law, enacted December, lowered tax rates for most taxpayers, it also nearly doubled the standard deduction and limited or discontinued many deductions, among other changes. As a...

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Veterans Day 2019
Nov10

Veterans Day 2019

To our men and women in uniform, past, present, and future, God bless you and thank you. Account On Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. If you have a personal tax or accounting need, please contact Osceola County’s most trusted accounting service, tax preparation and payroll service provider. Call us today at (407)...

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