It seems hard to believe, but the end of the tax year will soon be here and with that, comes tax issues to be aware of. Now is a great time to review year-end tax issues that might reduce your tax bite for 2020. Other options may provide long-term tax benefits, especially in light of …
Video: Don’t Fall Behind Saving For Retirement
You don’t want to fall behind when saving for retirement. And right now, many people are choosing not to add to their retirement savings. Or simply planning for their Social Security income to take care of their needs. To encourage better preparation for retirement, tax laws offer a variety of incentives to help. Watch this …
Your Annual Reminder to File Worker Form 1099-NEC
This is our annual reminder that if you use workers other than employees to perform services for your business (and those services equal more than $600 for the year) be sure to file worker 1099-NEC for them. You are required to issue each worker a Form 1099-NEC. This is for you to avoid facing the …
Year-End Gift Giving with Tax Benefits
The holiday season is customarily a time of giving gifts. Whether to your favorite charity, family members or others – there are lots of opportunities for gift giving with tax benefits. Use caution. During the holiday season, you may receive unsolicited phone calls, emails, or other social media requests for donations for various causes. Sadly, …
Do You Know When Your Holiday Employee Gifts Are Taxable?
It is common practice this time of year for employers to give their employee gifts to staff. The question is then – what makes a gift taxable? Some gifts are a de minimis fringe benefit. There are two main factors that determine the taxable status of a gift: the gift is infrequently offered or that …
Do You Know When Your Holiday Employee Gifts Are Taxable?Read More
Inheritance Taxes Explained – IRS Releases Inflation Adjustments For 2021
Inheritance Taxes – how are they taxed anyway? This is a frequently misunderstood taxation issue, and the answer can be complicated. This article will help you understand more about inheritance taxes, how they work and how they are taxed. When someone passes away, all of their assets (their estate) will be subject to estate taxation. …
Inheritance Taxes Explained – IRS Releases Inflation Adjustments For 2021Read More
Don’t Miss the Opportunity for a Spousal IRA
One frequently overlooked tax benefit is the spousal IRA. Generally, only taxpayers who have compensation can contribute to an IRA. The term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment. Spousal IRAs are the exception to that rule as long as the spouse has adequate compensation. A …
What Happens If I Missed the Tax Deadline this October 15th?
If you missed the tax deadline – know that you’re not alone. We’ve all been there. Life is super busy. We have to take care of our families and friends, work obligations, and all our other everyday responsibilities. With all of the hustle and bustle, that October 15th tax extension deadline passed. And darn it, …
What Happens If I Missed the Tax Deadline this October 15th?Read More
Don’t Miss Out on Year-End Tax Planning Opportunities
Year-end tax planning opportunities could be exactly what could help perk up a challenging year. Mentioning that COVID-19 has made 2020 a disastrous year for just about everyone is an understatement. But these tax planning options may give you some relief ahead. In response to the economic slowdown and losses of income, Congress passed several …
Don’t Miss Out on Year-End Tax Planning OpportunitiesRead More
