Miles Bookkeeping Accounting Tax Services

On March 7, 2019, the United States Department of Labor (USDOL) issued its long-awaited proposed rule that would increase the minimum salary threshold to qualify for exemption from the overtime provisions of the Fair Labor Standards Act (FLSA) from their current level of $455 per week ($23,660 annually) to $679 per week ($35,308 annually). The proposed rule would also raise the threshold for highly-compensated employees from $100,000 annually to $147,414 per year. It is anticipated that the changes will extend overtime coverage to approximately one million United States workers. The proposed rule will be subject to a period of public comment and is anticipated to take effect in January 2020.

Professional / Medical Office Available for lease effective 10/01/19. Quiet and peaceful location with a beautiful waterscape outside. Approximately 250 sqft. Upstairs on the 2nd floor with 2 natural light windows. Includes electricity, A/C and heat. Shared bathroom and kitchen area. Signage is available.

Self-employed individuals who don’t have taxes withheld from other sources of taxable income (such as interest, dividends or capital gains) need to pay estimated tax payments throughout the year. The second quarter tax payments are due June 17. If you need assistance feel free to message me.

I know a lot of people were surprised this last tax season to find out that they did not withhold enough in taxes from their paychecks. The IRS has not created an online link to help you calculate how much you should withhold. Just go to https://apps.irs.gov/app/withholdingcalculator/

Some individual taxpayers get relief from underpayment penalty. Responding to concerns that individual taxpayers may have found it difficult to correctly estimate their 2018 tax liability because of the many changes enacted in the law known as the Tax Cuts and Jobs Act, P.L. 115-97, the IRS issued relief from the penalty for underpayment of estimated income tax to individual taxpayers who have paid 85% of their 2018 tax liability with withholding and estimated tax payments

Despite the government still being shut down, Business owners please know that your last 2018 Estimated tax payment is in fact due tomorrow 01/15/19.

Tax Refunds for 2018: With the government shut down and the mixed news reports of whether or not the IRS will be slow in sending out tax refunds. I highly recommend requesting direct deposit when you e-file your tax returns. Please note the official start date of tax season this year is January 29th. Which means you cannot e-file your tax returns until that date. Any questions or concerns feel free to contact me at mbataxes.com or through Facebook messaging.