The IRS has issued its annual cost of living adjustments (COLAs) covering over 75 categories of Tax Code provisions for 2018 dependent upon the CPI-U index average from September 2016 through August 2...
President Trump has signed the “Disaster Tax Relief and Airport and Airway Extension Act of 2017” (Public Law 115-63). Congress approved the bill the day before. The Disaster Tax Relief Ac...
A federal district court (Gaylor, DC-Wisc., October 6, 2017) has struck down the clergy housing exclusion, finding that the tax preference violates the Establishment Clause of the First Amendment. Acc...
The Tax Court recently found, in Martin, 149 TC No. 12, that the IRS failed to show a nexus between payments from renting farmland and the agricultural arrangement requiring the taxpayer’s mater...
The Treasury Department has withdrawn proposed estate tax valuation regulations (NPRM REG-163113-02) under Code Sec. 2704. The announcement follows Treasury’s determination that the regulations ...
The Ohio Department of Taxation has revised its announcement of local rate changes taking effect January 1, 2018. The local sales and use tax rate for Knox County will increase from 6.75% to 7.25%, an...
Welcome and thank you for visiting the website of Linda D. Cosgray E.A. We strive to provide the highest quality professional service by working closely with each client to understand their unique financial situation. At the office of Linda D. Cosgray EA, you’ll receive exceptional service backed by my 30 years’ experience as an Enrolled Agent.
As you browse through the website; included are useful resources such as newsletters, interactive calculators and helpful links to informational websites.
Please feel free to contact the office with any questions or comments, or to set up your appointment today.
I build my business on integrity and service. The highest compliment I can receive is a referral of your friends, family and business associates.
As you know tax legislation is pending. However, I do not have a definitive plan. Congress has not agreed on any type of plan, I will post updates as they become available.
- If you have a small business, plan on touching base with us at least twice before the filing season.
- If you have a change in job, income, marital status, buying or selling property, it would be a good idea to review the tax consequences with us.
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall financial strategy we can minimize both your current and future tax liabilities.
Call the office to schedule your year-end tax appointment
Tax Moves for 2017:
Since the 2016 extension filing deadline has passed, we suggest that taxpayers look ahead and get ready for the next year.
Taxpayers still have time to take these three actions that may affect the 2017 tax return they file in 2018.
1. Charitable contributions - Taxpayers can deduct contributions that they make to charitable organizations only in the year the donation is made. There is still time for taxpayers to contribute to a charity before the end of 2017. Use the IRS Exempt Organization Select Check tool on IRS.gov to make sure that the charity and any other tax-exempt organization is eligible to receive tax-deductible contributions.
2. IRA distributions - Taxpayers over age 70 ½ should receive payments from their individual retirement accounts and workplace retirement plans by the end of 2017. A special rule allows those who reached 70 ½ in 2017 to wait until April 1, 2018 to receive their distributions.
3. IRA contributions - Taxpayers generally must make workplace retirement account contributions by the end of the year. However, they can make 2017 IRA contributions until April 17, 2018.
Identity Theft and Scams:
This continues to be a growing problem; the IRS and states are continually putting more safeguards in place to protect taxpayers. Remember the following:
- The IRS will never call and threaten you; their method of contact is by mail.
- The IRS will never ask for credit or debit information.
- The IRS will not threaten jail or that law enforcement will pick you up.
- The IRS will not contact you via social media or by text.
If you are a victim of Identity Theft, be sure to file a police report, alert the credit reporting agencies and notify taxing agencies, if needed.
Access your files with our secure, on-line document portal. FileShare is a convenient way to send and receive your documents with the office. Please do not email financial documents as it’s not secure.