Tax
New Tax Estimator Tool for Freelancers
Today, with so many millennials freelancing on the side while working a salaried job, the IRS wanted to reduce the risk of sticker shock when taxes are due on the W-2 income as well as the additional self-employment income. To solve this challenge, the Internal Revenue Service issued the new Tax Withholding Estimator tool. To…
Read MoreTuesday Tax Tip: 3rd Quarter Estimated Tax Due Soon
Third Quarter Estimated tax payment due Monday Sept 16. Can you believe major tax reform is in its second year? As taxpayers are seeing its full effect on 2018 returns, the IRS reminds people who pay estimated tax that their third quarter payment for 2019 is due Monday September 16. Thanks, IRS. On a brighter…
Read MoreHome Schooling Tax Reminder
Home Schooling? In 2018 the IRS EO(Exempt Organization) implemented revisions to the form 1023EZ. Now the IRS EO will Ask for a short description of your activities when applying for 501(c)(3) status Ask more questions about: Your gross receipts (your sources of income) Your assets (what you own) What kind of foundation are you? If…
Read MoreTuesday Tax Tip
As Dorian approaches, IRS reminds preparation for natural disaster Secure key documents and make copies think tax returns, birth certificates, deeds, titles and insurance policies. Put in waterproof containers in a secure space. Duplicates should be kept with a trusted person outside the disaster area. A backup scan on flash drive is another way to…
Read MoreTuesday Tax Tip – Distribution Checks
Tuesday Tax Tip – Distribution Checks The IRS released a ruling that retirement plan distribution checks must be taxed even if the check hasn’t been cashed. An individual’s failure to cash the distribution check received in 2019 does not permit one to exclude the amount of the designated distribution from gross income for that year…
Read MoreTuesday Tax Tip: Sales Taxes Are Due -Even on Internet Purchases
Last year, a 1992 sales tax regulation was overturned, allowing states to decide whether they wanted to collect sales taxes from online purchases. The 2018 ruling caused e-commerce company share prices to temporarily tumble. Most online retailers, such as Amazon, have already been paying state sales taxes for years, but other online vendors, even large…
Read MoreTuesday Tax Tip
Keep sources of cash flow separate.
Read More7 BasicTax Tips
7 Simple business steps can save untold hours of labor, confusion and misery when you prepare for tax season.
Read More16 US State Tax Holidays 2019
Back-to-School? See personal tax savings list here. Sixteen US States are having Sales Tax Holidays to give stressed parents a break in back-to-school costs. If you are buying spcific items within the tax exempt guidelines offered by these states during the posted dates, you will not be charged sales tax from participating vendors. To make…
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