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The Tolonen Times – Latest Tax Tips & Accounting News

Retirement

Tax Tips for Starting Retirement Right

Retirement is an exciting time.  You worked hard your entire life to be able to focus on family, travel, and hobbies.  But just because work stops doesn’t mean taxes stop too.  Whether you’re retiring now or simply thinking about it, here are some things you should know about taxes and retirement.

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Calendar Tax Extension

Filing an Extension. What Does it Really Mean?

What does filing an extension do?

An extension is a form filed with the IRS to request additional time to file your federal tax return. The extension period is generally six months. So for personal tax returns normally due on April 15th, you would have until Oct. 15th to file. Be careful with your state tax returns, since not all states will automatically accept your federal tax extension.

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Tax Reform

Tax Reform is here. Now What?

Tax Cuts and Jobs Act (TCJA)

The TCJA was signed into law a week ago, and after reading 500 pages of tax legislation, proposed regulations, notices, memos, FAQs, we have a pretty good idea of how it will impact your personal tax returns.

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