Never Postpone Taxes! 3 Common Mistakes to Avoid During Tax Season

Never Postpone Taxes! 3 Common Mistakes to Avoid During Tax Season

Taxes are something you should never postpone! If you need time, file an extension and try to do estimated payments :)

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

The IRS reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS. In general, individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service.

Window Closing On IRS Program To Lessen Penalties

Window Closing On IRS Program To Lessen Penalties

OVDP is more reasonable.  Eight years of back taxes with penalties and interest.  A reduced FBAR penalty - 27.5% of highest balance over eight years (50% if you used the wrong bank).  No criminal charge.  No prison time.  The window closes on OVDP on September 28th.