Newsletters

2018 Conferences

Shareholders and staff at Stanfield + O’Dell attend and present at various conferences and summits around the U.S.                                  We invite you to join us at these events. January 17-18: Dunham + Company – Annual Nonprofit Summit in Tucson, AZ. February 1: Leadership of Tulsa – Good News Summit in Tulsa, OK February 14-15: C3 Conference – Hosted by Fellowship Church in Grapevine, TX. March 13-14: Inside Elevation Conference – Hosted by Elevation Church in…

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Looking ahead: Tax reform in 2018

Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. Here are some major items in the new bill that impact individual taxpayers. Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to 37 percent from 39.6 percent. Double standard deductions. The standard deduction nearly doubles to $12,000 for single filers and $24,000 for married filing jointly. To help cover the cost, personal exemptions and most additional…

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Mileage Rates for 2018

The IRS recently announced mileage rates to be used for travel in 2018. The standard business mileage rate increased by 1 cent to 54.5 cents per mile. The medical and moving mileage rates also increased by 1 cent, to 18 cents per mile. Charitable mileage rates remained unchanged at 14 cents per mile. Remember to properly document your mileage to receive full credit for your miles driven.

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The best way to avoid an audit: Preparation

Getting audited by the IRS is no fun. Some taxpayers are selected for random audits every year, but the chances of that happening to you are very small. You are much more likely to fall under the IRS’s gaze if you make one of several common mistakes. That means your best chance of avoiding an audit is by doing things right before you file your return this year. Here are some suggestions: Don’t leave anything out. Missing or incomplete information on your return will trigger an audit letter automatically, since…

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Tax Filing Reminders

January 16 – Due date for the fourth installment of 2017 individual estimated tax. January 31 – Due date for employers to furnish W-2 statements to employees, and to file Forms W-2 with the Social Security Administration (both paper and electronic forms). Due date for payers to provide most Forms 1099-MISC with non-employee compensation in box 7 to recipients and to the IRS. Employers must file 2017 federal unemployment tax returns and pay any tax due. Due date for providers to send Forms 1095 to recipients. (Note: Forms 1095 are…

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Get ready to save more in 2018

You can save more for retirement next year using tax-advantaged accounts, thanks to a boost in the maximum 401(k) contribution rate by the IRS. The maximum rate increases by $500 to $18,500, which is the first increase in three years. Those aged 50 or older can still contribute an additional $6,000 on top of that amount. This is good news, because a 401(k) is one of most potent tools in your retirement arsenal. It offers many benefits over other forms of saving, including: • Tax-deferred growth. Pre-tax income of $18,500…

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6 must-dos when you donate to charity

Donations are a great way to give to a deserving charity, and they also give back in the form of a tax deduction. Unfortunately, charitable donations are under scrutiny by the IRS, and many donations without adequate documentation are being rejected. Here are six things you need to do to ensure your charitable donation will be tax-deductible: Make sure your charity is eligible. Only donations to qualified charitable organizations registered with the IRS are tax-deductible. You can confirm an organization qualifies by calling the IRS at (877) 829-5500 or visiting…

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The Equifax breach and you: be proactive

Earlier this year, hackers were able to breach the security of Equifax, one of the three national credit reporting agencies. More than 143 million Americans – nearly half the entire country – were exposed to the attack, and may have had their personal information stolen (including names and birthdates, and Social Security and driver’s license numbers). Equifax is still determining exactly whose data has been exposed. While you wait to find out, it’s worth taking a few proactive steps to make sure your info isn’t misused by hackers. Start checking….

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YEAR-END TAX CHECKLIST

As the year draws to a close, there are several tax-saving ideas you should consider. Use this checklist to make sure you don’t miss an opportunity before the year is out. Retirement distributions and contributions. Make final contributions to your qualified retirement plan, and take any required minimum distributions from your retirement accounts. The penalty for not taking minimum distributions can be high. Investment management. Rebalance your investment portfolio, and take any final investment gains and losses. Capital losses can be used to net against your capital gains. You can…

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Tax Filing Reminders – October 2017

October 16th Filing deadline for 2016 tax returns for individuals or corporations if you requested/received a six-month extension. Pay taxes due by this date. Deadline to recharacterize a Roth IRA to a Traditional IRA. Deadline to fund your Keogh or SEP plans if you requested a filing extension.

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