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Trout, James & Associates Company Blog

It's our job to keep our clients informed, especially in the current climate of exceedingly fast news cycles and social media it can be hard to keep up on what is important.

This blog is meant to bring you all the important tax, financial and legal information as it breaks. The laws are constantly changing and this blog is a way for us to provide you with the information we get in the most simple, unbiased and concise way.

Keeping you informed helps both us and you make the best decisions for your own personal experience. We update our company blog weekly with information that matters to you and your family's financial health. We scour the internet and read the articles so you don't have to!

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The Law That Could Delay Your Tax Refund

Feb 2, 2017
3 min

The Law That Could Delay Your Tax Refund

The IRS has opened the doors to begin receiving 2016 tax returns, but some early filers may find they are left waiting weeks before their refund arrives. That's thanks to a new law intended to reduce cases of tax fraud. Refundable tax credits are prime targets for fraud. The Protecting Americans from Tax Hikes Act of 2015, more commonly called the PATH Act, made a number of changes to the tax law. The provision that will affect some taxpayers most immediately and directly is

New Tax Laws for 2016: What You Need to Know

Feb 2, 2017
2 min

New Tax Laws for 2016: What You Need to Know

Tax day for 2016 is approaching, and there are a few changes to expect in 2016 regarding tax law that you should be aware of when preparing your taxes. Here is what you need to know to ensure you’re heading into this year prepared. Affordable Care Act Penalties: People without health insurance in 2016 will be hit with higher penalties. The maximum penalty will be the premium cost for the national average of the Bronze Plan listed on the federal health exchange, or $2,085. To

Record Keeping for Taxes

Feb 1, 2017
2 min

Record Keeping for Taxes

What to keep and how long to keep it Tax records should be kept on a year-round basis, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting them on your tax return, or you may have unsubstantiated items disallowed if you are audited. Generally, returns can be audited for up to three years after filing. However, the IRS may audit for up to six years if there is substantial unreported income. The three a

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