LivingstonCPA - Tax Resources and Tax Preparation Guides

LivingstonCPA - Individual and Small Business Taxation - Small Business Accounting

Helpful Links
Where's My Refund?
Child Tax Credit

IRS Withholding Calculator
Use this IRS Calculator to estimate your taxes all year round. To complete the withholding calculator have recent paystubs handy.

IRS' EFTPS for Businesses
Use the IRS' Electronic Funds Tax Payment System to make ALL your federal tax payments (personal and/or business), including income, employment, estimated, and excise taxes.

Individual Tax Payments

Tax Resources

Helpful Preparation Guides:

Quick Snapshot of Recent Tax Law Changes

Child Tax Credit - Doubled
Standard Deduction - Doubled
Personal Exemption Deduction - Gone ($4k+/person lost)
Medical Expense Deduction - AGI threshold reset from 10% back to 7.5%
State Inc/Sales+Prop Tax - Limited to $10k
Casualty/Theft loss deduction - Gone except Presidential declared disaster
Miscellaneous Itemized Deductions** - Gone
Phase-out of itemized deductions for higher incomes - Gone
20% QBI deduction for pass-thru entities - New & complicated. IRS just issued regs.
Tax Brackets - Changed & Shuffled

Other Misc. Changes:

Moving expense - Gone except for military
Alimony Deduction for payor - Gone (e.g. income stays with earner)
Alimony Income for recipient - Gone (e.g. income stays with earner)

* List not exhaustive, subject to IRS revision/further clarification

** Misc. Itemized Deductions, formerly deductible to the extent they exceeded 2% AGI, include investment advisory fees, tax prep, unreimbursed employee expenses

See details of TCJA impact to individuals and impact to businesses. Also, IRS tax reform news is updated regularly.

Frequently Asked Questions

How can I expedite my tax refund?

Hands down, e-file + direct deposit = fastest refund. Make sure to provide me with a voided check.

How long should I save records?

The IRS can audit a tax return for up to three years after the filing date, or due date of a return (whichever is later). Save supporting documentation for tax returns for that time period. Documents of security purchases should be saved for three years after the sale date. Beware: a six-year statute of limitations applies to substantial understatement of income (25% of income).

What's the best way to avoid interest and penalties?

Avoid interest and penalties due to underpayment of tax by paying estimated quarterly tax payments. Make payments to IRS here. Make sure to select tax year and form. Email me to get help with calculating payments.