Hoover Financial Consulting, Inc.

Done with taxes this year? Use your 2018 return to get 2019 withholding right. Checking and then adjusting your tax withholding can help make sure you don’t owe more tax than you are expecting. Usually you can also avoid a surprise tax bill and possibly a penalty when you file next year. At the same time, with the average refund more than $2,700, some taxpayers may choose to reduce their withholding to have a larger paycheck and smaller refund.

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits. 1. Reconcile your bank account 2. Generate an income statement 3. Generate a balance sheet... 4. Clean up your general ledger These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Pros & Cons of Filing an Extension Pros: 1. You can avoid a late-filing penalty if you file an extension and also avoid the failure to file penalty if you file an extension. 3. You are able to file a more accurate--and complete--tax return. ... 4. If you are self-employed, you’ll have extra time to fund a retirement plan. 5. Filing an extension preserves your ability to receive a tax refund when you file past the extension due date. Cons: 1. If you are expecting a refund, you’ll have to wait longer than you would if you filed on time. 2. Extra time to file is not extra time to pay. If you don’t pay a least 98 percent of the tax due now, you will be liable for late-payment penalties and interest. 3. When you request an extension you will need to estimate your tax due for the year based on information available at the time you file the extension. 4. Dealing with your tax return won't be any easier 6 months from now.

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals. The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam.

Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are: 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018. 14 cents per mile driven in service of charitable organizations.