MH Accounting & Tax Service LLC

*SPOILER ALERT* - For any of you checking on your Stimulus payments or trying to change/add direct deposit information and are having no luck on the IRS.gov website, it seems to be a (you'd better sit down for this) temporary glitch in their system... I tried it for my own account and had calls from several other clients, and another tax pro/friend confirmed that they're having the same issues... stay the course! :)

Change, change, CHANGE... no, that's not what I find in my pockets after a night out on the town, it's what Congress has done to our 2018 tax laws... it can be a bit confusing as to whether these new laws will help you or not, please feel free to contact me at any time with any questions that you may have! 🙂

Okay, so the government, in its infinite wisdom, did something unprecedented and decided to change a couple of tax laws...RIGHT IN THE MIDDLE OF TAX SEASON.

The deduction for PMI insurance on your mortgage and credit for energy efficient items bought for your home expired for tax year 2017. HOWEVER, it's been decided that those provisions will now be allowed after a month of tax season has already transpired... So, if any of you have already filed your tax returns and been denied either one of these two items, they are now all of a sudden allowable, and it may be a good idea to consider amending your 2017 tax return to get a good fistful of dollars back... please don't shoot the messenger... :/

The IRS begins accepting electronically filed tax returns on January 23rd! No reason to wait that long to bring your tax documents in, though... everything can be entered into your return beforehand and ready to go out with the click of a button bright & early on the morning of the 23rd! Feel free to contact me via message, or call me at (414) 546-1979 if you have any questions or need any help!

As most of you know, due to tax changes next year the standard deduction for 2018 will be doubling to $12,200 for single filers and $24,400 for those married filing jointly...this means that many of you who have been itemizing your deductions in the past will now be better off taking the standard deduction... therefore, since 2017 may be your last year of itemizing your deductions, between now and the end of the year would be a great time to get all of that old stuff out of your homes and giving it to charity and taking the deduction for it! You will lose that deduction in future years if you're better off taking the standard deduction, so do it now! Please feel free to contact me if I can answer any questions for you, or if you'd like some help with preparing your 2017 taxes! Feel free to give me a call if you have any questions or need any help.

Since the IRS won't be accepting electronically filed tax returns until January 31 due to last year's government meltdown (Oops! I mean SHUTdown), they have magnanimously extended the filing deadline until April 15th...

I KNOW, hey??