Posts Tagged ‘tax advisor’
Know Your Taxpayer Rights
Best PersonalTaxPrep.com tax tip this year: Know your rights. Fifteen years ago, the IRS has created the Taxpayer Bill of Rights (TBOR). Since then, congress codified it as part of the tax code. That means the Taxpayer Bill of Rights is law and it applies to all U.S. taxpayers anytime they must deal with the…
Read MoreTax Tip for Gig Businesses
It is a new Gig Economy. More and more, people are free lancing with Lyft, Uber, blogging, IG or TW influencer role, and self employed tech contractors. We know the USA has evolved into a Gig Economy because the IRS, who loves to follow the money, has now launched a new gig economy tax center…
Read MoreDeadline for Distributions
Reminder: Retirees born prior to July 1, 1949 must take your retirement plan required minimum distributions (RMD) by December 31, 2019. The RMD rules apply to: Retirees with traditional IRAs Retirees with traditional (Simplified Employee Pension) or SEP IRAs Retirees with Savings Incentive Match Plans for Employees (SIMPLE) IRAs Participants in workplace retirement plans such…
Read MoreHow to Avoid 2019 Tax Surprises.
Amidst all the holiday parties and get-togethers, take a few minutes to save yourself hassle in 2020. Think you know you’re getting a tax refund when you file? Things that happen now might change what you think you will get. You could even owe the government more money! Know what you owe. Certain financial transactions…
Read MoreTax Tip Tuesday
December 2019 TAX TIP: It’s international Giving Tuesday! If it matters to you, today is a great day to make your charitable donations to the causes you support. You can save on your taxes and maximize your donation if you find a donation match. Giving Tuesday is the day the people flex their generosity muscles,…
Read MoreGift and Estate Exclusion Amounts
If you have been concerned about what happens to your tax benefits of the increased gift and estate tax exclusion amounts after the effective period of 2018 to 2015 lapses, relax…a little. On the twenty second of November 2019, the treasury department and the internal revenue service issued a news release confirming that …”individuals who…
Read MoreIRS Travel Guidance
The IRS just released guidance on the new business travel per diems that went into effect in October. The guidance is issued to help clarify the definition of incidental expenses as: fees and tips given to porters, baggage carriers, hotel staff and staff on ships. NOT included are Transportation between places of lodging, business and…
Read MoreBusiness Tax Rules Changes
Small and Medium Businesses, especially, need to know about changes in Tax rules from the Tax Cuts and Jobs Act (TCJA). New flat 21% tax rate for corporations. The rates before TCJA was enacted were 15%, 25%, 34% and 35%. Personal Service Corporations paid a flat 35% rate. Beginning in 2018, Corporations pay a flat…
Read MoreNew 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…
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