This past month Missouri joined the growing number of states that have legalized medical marijuana. This will inevitably lead to a surge of new dispensaries and other marijuana-based businesses opening in Missouri in the coming years. If you are considering open a marijuana-based business, there are some unusual tax pitfalls you need to be aware of.

During the fourth quarter of 2017, the federal government issued changes to the tax code. The new tax law increased the standard deduction, suspended personal exemptions, changed the tax brackets and rates, and eliminated some itemized deductions. While this meant more money in taxpayers' pockets, the situation might not seem so rosy come next April, due to changes to withholdings.

Do you know how long you are supposed to keep documents? Do you know when it’s safe to shred? Having this knowledge is the first step to good recordkeeping. By following these guidelines, you can keep your documents and files organized and updated. Avoid keeping things you don’t need – or discarding something you should have kept permanently!

In this article, we’ll share some of the highlights of the tax changes for 2018 as they relate to individuals. Use this as a type of checklist, and feel free to contact us on any point so we can provide additional details as to how it might impact your situation.

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Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful.

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