The California legislature recently passed landmark labor legislation that essentially makes it very difficult for a worker to be classified as an independent contractor (or self-employed). Governor Newsom was quick to sign it into law, and it generally became effective on January 1, 2020. Many believe this legislation will reduce entrepreneurship and innovation overall. Although …
Tax Blog
Congress Allowing Higher Medical Deductions For 2019 and 2020
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020. The Act included a number of tax law changes, including allowing higher medical deductions for 2019 and 2020. In addition, the Appropriations Act of 2020 includes: extending certain tax provisions that expired after 2017, or were about to expire; retirement and …
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2020 Standard Mileage Rates Announced
The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year. As it does annually around the end of the year, the IRS has announced the 2020 standard mileage rates. Thus, beginning on Jan. …
Do I Have To File A Tax Return?
Do I have to file is a question many taxpayers ask during this time of year. But the question is more complicated than you’d think. To fully understand, consider that there are times when individuals are REQUIRED to file a tax return. And then there are times when it is to the individuals’ BENEFIT to file a return – …
Divorced, Separated, Married Or Widowed This Year? Here Are a Few Life Events That Affect Taxes.
Taxpayers are frequently surprised when their filing status changes due to a life event such as marriage, divorce, separation or the death of a spouse. These occasions bring on a host of emotions, but the last thing most people think about are the tax ramifications. But tax complications are real, and can be complex. Here …
Scammers Are Clever, Don’t Be Duped.
You may think we harp on you a lot about protecting yourself against identity theft and tax scams. You are right…! But we do it because having your identity stolen becomes a financial nightmare, sometimes taking years to straighten out. Identity thieves, aka scammers, are clever and relentless. They are always coming up with new …
Congress Passes Last Minute Tax Changes
Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020. In addition, they’ve passed extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is long, so we included only …
How Can I Prove Financial Hardship To The IRS If I Can’t Pay My Taxes?
As tax season draws near, you may be concerned that you can’t pay your tax bill. Remember, you have until April 15 to pay your tax bill in full once you learn how much you owe. If your financial situation is more dire than that, you have some time to explore your options. There are …
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January 2020 Individual Due Dates
January 2: Time to Call For Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10: Report Tips to Employer If you are an employee who works for tips …
