Thank You for Visiting Fox Tax !!
We hope your visit will be a helpful, informative, and offer a resourceful tool,
for you, our valued clients and visitors.
As you browse
you will see that we have kept it simple yet possible to address the most complicated issues.
In addition, we have provided for
your use many links to external web sites that we felt would be of interest
to our clients and visitors.
Use the "Internet Links" on the navigation bar for access to important sites.
Snapshot of what's new:
Old 2 page 1040, 1040A, and 1040EZ is replaced
by 2 page 1040 with 6 additional schedules. Sch C, E, B, etc are still required.
Income tax brackets are lowered and expanded.
Child Tax credit increased to $2,000
New Family credit of $500
Business taxable income reduced by 20% (QBI)
Standard Deduction almost Doubled
Major items Gone are all personal exemptions and Misc.
Deductions Sch A, such as mileage, per diem, dues, cloths, etc.
2018 is the last year for the Health
Note for Veterans: If you received a lump sum taxable disability from 1991 to early
2000's CONTACT THE VA. You are allowed to amend and receive a refund if taxes were paid on the distribution.
Phone scams, e-mail scams, mail scams, etc. scams: They are everywhere. If you receive one do not reply and contact our office or simply hang up.
The IRS does not threaten to send the police to collect taxes. If you owe the IRS you will receive
notification via the mail (yes, even mailed notices can be fake),
several times, and eventually certified mail. Never under any circumstance give any information
over the phone. In short, disregard all phone calls
forward written notices to our office.
Marketplace: Usually if you receive your Marketplace form 1095-A after
filing your taxes and do not receive an IRS notice you probably are due a refund. If you receive
a Marketplace notice and owe to the IRS, you will receive an IRS notice.
Either way, mail or bring in your Marketplace form 1095-A to our office.
Please Note: IRS data must match Marketplace data. If not, returns
Planning (Basic): You should have 6 months of expenses in cash savings in case of
an unforeseen event. Only about 28% of US citizens have this set aside.
Early distributions from an IRA. etc., can result in additional taxes of 35% to 65%.
Visit the US debt Clock (also Homes, Autos, Energy, Gold, etc.)