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Congress Updates Retirement Funding Rules With the stroke of a pen, Congress can do whatever they want, and they have again. But this time, in a pretty good way. Within the massive 643-page spending bill that was recently passed, there were a couple of updated provisions regarding retirement funding: The age limit for contributing to …
How Do Tax Brackets Work? Have you ever heard someone claim something like “I’m in the 22% tax bracket!”? Claims such as these are often misguided. There is a misconception that all of your income is taxed at a certain percentage rate – this is not how income tax brackets work. New federal income tax …
W-4 Forms Have Changed – Here’s What’s Changed The IRS just released the new Form W-4 which will take effect beginning in 2020, and it has major implications for taxpayers. The new form is intended to make Federal withholding more accurate in conjunction with the new Tax Cuts and Jobs Act (TCJA) that affected taxpayers …
Michael’s Advice for Millennial Homebuyers Of the many confusing experiences to navigate when saving for a home, buying a home, or selling a home, understanding the tax implications is certainly near the top. If you’re entering the US housing market data for the first time or thinking of starting to save for a home through various …
How Using a CPA to Do Your Taxes Pays Off With an abundance of free and affordable tax preparation tools out there, many taxpayers are asking themselves if it’s still worth it to hire a CPA to do their taxes. While it can seem like the antiquated way of doing things, trusting a CPA to …
What’s Changed? As 2019 wraps up, it’s time to start thinking about the upcoming tax season. We looked at some key changes to the 2019 tax year that may affect you. Penalty on the Individual Mandate From 2014 to 2018, many taxpayers were required to show proof of their health insurance. For those who failed …
Roger CPA Review’s Student of the Month is Our Own Brad Chapman We are proud to announce that our very own Brad Chapman has been chosen as Roger CPA Review’s Student of the Month! Brad joined the CPA Nerds team in 2016 and has been working towards his CPA certification since. His success story with …
If you received a penalty fee by surprise for underpaying your 2018 taxes, you may be in luck. Last week, the IRS announced it would waive the tax underpayment penalty for taxpayers who already submitted their 2018 federal tax returns but didn’t claim a special penalty waiver when they filed. The waiver, which only waives …
Top 5 Accounting Software for Small Businesses We have done the research to find you, the small business owner, to find the perfect accounting software. But first, why do you need one? Accounting software helps you manage your business’ finances by tracking everything. Money in, money out, who you owe, who owes you, and so …
Bigger tax refund, is it possible? Was your refund lower than you had expected for 2018? You’re not alone; in 2018, the withholding tables changed – giving you a little bit more money each paycheck rather than at the end of the year through your tax refund. IRS forms are arguably one of the most …
