Waterfront Tax & Accounting Blog

A big tax benefit of the 2017 Tax Cuts and Jobs Act (TCJA) was to expanded eligibility for 529 savings plans. The 529 education savings plan was previously limited to only post-secondary education (i.e., college). However, the TCJA expanded it so that it can now be used for Kindergarten through G...

If you are very good at what you do and know the business area for your set of skills then one of the most effective ways to create wealth is to start and operate your own business. When you operate your own business there are significantly less limits on your income than the alternative of being...

Before I get back to tax related topics I wanted to provide one more blog on investing tips. On my first investing blog I encouraged you to invest a good percent of your tax refund to create wealth for you in the future rather than spending it all now. I gave you several statistics showed that mo...

Last blog I encouraged you to invest a good percent of your tax refund to create wealth for you in the future rather than spending it all now. I gave you several statistics from the book “Everyday Millionaires” by Chris Hogan that showed that most millionaires were normal folks that had no specia...

If you get a tax refund this year consider investing a good percent of your refund to create wealth for you in the future rather than spending it all now.  It is often stated by those that study the wealthy that one of the significant differences between the wealthy and those that struggle to get...

If your refund amount is different than what is stated on your filed tax return, part or all of your refund may have been used to offset (i.e., pay off) past-due federal tax, student loans, state income tax or other past-due debts. You'll receive a notice from the IRS if such an offset occurs tha...

There are currently more than $1.4Billion in unclaimed tax refunds. If you are owed a refund the only way to get the refund is to file the tax return within 3 years of the due date. Current tax law gives you 3 years to submit a tax return in order claim and receive your refund. If you file your r...

If you can’t afford to pay your taxes by 4/15/2019 you are not alone. If you don’t have the money to pay your taxes on time you are far better off to file your return on time and don’t pay the taxes owed or file a request for an extension than not file a return at all.  The reason you are better ...

You might be surprised to see you owe taxes this year when you were expecting to pay less taxes due to the tax law changes. Many Americans did pay less compared to 2017 taxes but less tax was taken out of their paycheck and the cumulated effect was they owed more when they filed.Below are a few o...

This is a gentle reminder that If you are making quarterly estimated tax payments to the IRS, the due date for the January 1 - March 31 quarter of the year is April 15th. For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, pa...