Blog Posts
Itemized Deduction for Interest – Does This Interest Qualify?
Home mortgage interest deductions have been restricted in the recent tax changes. You may have qualifying interest expense to itemize on your tax return, but you'll need to be aware of the new rules and you will need to provide us with additional information when it...
Lea Graf selected as one of Hubdoc’s Top 50 Cloud Accountants of 2018 in North America!
Hubdoc has just announced their list of the Top 50 Cloud Accountants of 2018 in North America! This is the fifth year they’ve released their annual Top 50 list, which aims to recognize accounting and bookkeeping firms in North America who are setting an example when...
IRS issues standard mileage for 2019
The Internal Revenue Service has issued the 2019 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, new standard mileage rates for the use of a car (also...
IRS Confirms Tax Filing Season to Begin January 28th
IRS Confirms Tax Filing Season to Begin January 28 January 7, 2019 - IRS Notice IR-2019-01 WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019, and provide refunds to...
Itemized Deductions for Medical Expenses – Can I Deduct this expense? – Post Date 1/03
Qualified medical expenses can include out-of-pocket fees for medical professionals, long term care premiums, hospital care, nursing home care, treatment programs, health insurance premiums, prescriptions, and modifications done to your home for medical reasons. ...
Filing Status – Single? Married? Head of Household?
Tax Season is getting closer! We at Sterling Tax & Accounting want to make sure you have a full understanding of you filing status. Are you single? Married? Do you want to file Married filing Jointly? Click HERE to read more about the rules and guidelines for...
Standard vs Itemized Deduction?
Standard vs. Itemized Deduction The tax laws have changed! How can you keep up with everything when it comes to taxes? What is the Standard deduction vs Itemized Deduction? Which way should you file to minimize your tax burden? The fact is many individuals will no...
New Tax Law
The new tax law, commonly called the “Tax Cuts and Jobs Act,” is the biggest federal tax law change in over 30 years. There are some significant changes affecting individuals and businesses. Note: Except where indicated, the changes are effective for tax years...
Charitable Contributions Guide
The end of the year is fast approaching, and do you know what that means? Tax Season begins! With all of the tax changes in 2018, many individuals will no longer itemize their deductions on Schedule A. If you believe you will be able to itemize deductions despite the...
IRS provides additional day to file and pay 2017 Taxes
IR-2018-100, April 17, 2018 WASHINGTON — The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and...