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 – …
Tax Planning
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 …
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 …
January 2020 Tax Due Dates for Business
January 15 – Employer’s Monthly Deposit Due – If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit for Social Security, Medicare and withheld income tax for December 2019. This is also the due date for the non-payroll withholding deposit for December …
Understanding Tax Lingo – A Primer For Beginners
Understanding tax lingo certainly helps when discussing taxes, reading tax related articles or interpreting instructions on your tax return. To fully grasp the meaning of what is being said, it helps to know what the basic acronyms and words being used by tax professionals are. It can be difficult to understand tax strategies if you …
Helpful Tax Tips For 2019
As the year draws to a close, we have pulled together a number of tax tips that may be beneficial, some of which need to be acted on before the end the of the year to be useful for 2019. Tips to reduce taxes this year Education Credit Since the American Opportunity credit for higher …
Is Your Will Up To Date? How About Your Trust?
When was the last time you or your attorney updated your will or trust? When did you last spend the time to even review those important documents? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. A …
Tax Benefits For People With Disabilities
Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. Disability tax breaks ABLE Accounts A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. Qualified ABLE programs provide the means for individuals and …
Take Tax Advantage Of A Low-Income Year
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2019 is not producing a lot of income for you, or your income will be substantially lower this year than …
