This has been a tumultuous year for taxes, with the tax reform that passed in late 2017 generally becoming effective in 2018, often with significant changes for both individuals and businesses. This is the first major tax reform legislation in more than 30 years, and to implement it, the IRS will have to create or revise approximately 450 forms, publications and instructions and modify around 140 information technology systems to ensure it can accommodate the newly revised or created tax forms, not to mention writing tax regulations for all of these changes – a daunting task for sure. The following are issues that could affect you and that you may need to plan for.
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage.
However, an HSA can act as more than just a vehicle to pay medical expenses; it can also serve as a retirement account. For some taxpayers who have maxed out their retirement-plan options an HSA provides them another resource for retirement savings – one that isn’t limited by income restrictions in the way that IRA contributions are.
“Where’s My Refund?” is an interactive tool on the IRS web site at IRS.gov. Whether you have split your refund among several accounts, opted for direct deposit into one account, or asked the IRS to mail you a check, “Where’s My Refund?” will give you online access to your refund information nearly 24 hours a day, 7 days a week.
Lake Wylie Tax Service | Bookkeeping | Payroll Service
Our goal is to provide your Individual or Business Tax Preparation for many years to come, not just this year. That’s why our professional staff is trained to provide every service you’ll need, now, or in the future.
Or team provides year-round tax preparation, general accounting, and support solutions tailored to your unique needs. We will minimize your tax liability and maximize your tax breaks.
Tax Preparation and Services:
Individual Income Tax Preparation
Small Business Tax Return Preparation
Partnership Tax Return Preparation
Corporate Tax Return Preparation
Estate Tax Return Preparation
Gift Tax Return Preparation
Not for Profit Business Tax Return Preparation
Tax Identification Number Application Preparation
Non-Resident Tax Return Preparation
State Tax Return Preparation (all applicable U.S. states)