As we get deeper into the 2019 tax season, some taxpayers are experiencing a delay in receiving their tax refunds. The old adage that if you are expecting a refund you should file early seems to be coming under fire a bit in recent years, but none so much as the 2019 tax season. But why?
With the acceptance of the Tax Cuts and Job Act reform, we are now seeing the results of one of the most expansive tax law changes in nearly thirty years. With this came large changes to the forms and reporting structures themselves. No longer are Forms 1040-A or 1040-EZ available for use – everyone must file utilizing Form 1040. While the Form 1040 itself is greatly reduced, there is additional paperwork that may need to be completed in order to properly calculate your tax breaks and deduction. In June of 2018, the IRS released the first drafts of the form for review by its partners in the industry, and after revisions, Form 1040 was approved and released for public use. Much like prior years, the Form 1040 will utilize a summary of schedules format. Taxpayers with relatively straightforward tax situations will be able to file a Form 1040 with no numbered schedules. However, for those needing to file the form with additional supplemental information, the schedules are far more extensive, including income and adjustments, tax calculations, credits and designations.
There are three financial statements that every company needs to understand, review and produce, on an annual basis, at a minimum. These consist of the Profit and Loss statement (P&L), Balance Sheet (BASH) and the Cash Flow statement. The profit and loss statement, also commonly known as the income statement, shows the changes in the company’s profitability over the course of time. The profit and loss can be reported in either the Cash or Accrual method. The cash flow statement is similar, however it shows the company’s income and outlays in a cash methodology only. The balance sheet reports the company’s assets and liabilities in a specific snapshot of time.
One of the hardest things to do as a parent is to leave your child in someone else’s care so that you can go back to work. Sometimes, preparing for the cost of that care can be nearly as difficult. Some care centers can cost more than in-state tuition at a university.