Tax and Financial Planning Calendar for September 2019

Month Income Taxes Saving and Investing SEPTEMBER 3rd quarter estimates due 9/16/19 “Calendar year” Corporate and Partnership tax returns on extension are due 9/16/19 SIMPLE/IRAs and Safe-Harbor 401k’s need to be set up by 10/1 Back to school –...

Two Practical Personal Finance Lessons For College Students

by Andrew D. Schwartz CPA  (Originally written for the September 2016 newsletter.) Last week, my wife and I dropped off our older child at college to start his freshman year.  He is eager to spend the next four years taking classes in a variety of interesting subjects...

IRS Audit Rate Decreases in 2018

Continuing a downward trend from the past year, 2018 saw 7% fewer IRS audits of tax returns than the amount that were audited in 2017. 150 million personal tax returns filed for the 2017 tax year.  Of that amount 892,000 were audited representing only 0.59% of all...

2019 Tax Amount Updates

For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or...