Blog

28
Feb

This New IRS Form May Affect Your Paycheck

There’s a new form in town, and it may affect the amount of money withheld from your paycheck each pay period. The U.S. Department of the Treasury and the IRS recently proposed regulations to correspond with the new Form W-4 Employee Withholding Allowance Certificate. The new Form W-4 was released in late 2019 and went into effect in 2020. It is one of the many changes resulting from the Tax…  Read more

6
Dec

Can you take advantage of the QBI deduction?

The Tax Cuts and Jobs Act brought some changes to 2018 tax returns, allowing owners of pass-through entities to take advantage of a large deduction for qualified business income (QBI). So, what do these changes mean moving forward for owners of these types of businesses? Well, that depends. This deduction has limitations, so there are many factors to consider. Here are a few questions to help you determine whether your…  Read more

5
Dec

2019 Year-End Tax Planning for Individuals

With numerous changes to the federal tax code, Harris, Hardy & Johnstone’s 2019 Year-End Tax Planning for Individuals Letter can help identify specific opportunities to reduce or defer your annual tax obligation. And the sooner you start the conversation around tax planning, the more time you’ll have to carefully consider all applicable factors. This process requires a projection of your estimated income, deductions and tax liability for both 2019 and…  Read more