Posts Tagged ‘tax planning’
Tax Tip for a Happier New Year in 2020
For a Happier New Year, Gather and Organize your business tax documents now. Waiting until taxes are due will only create added stress and delays. The IRS in a series of reminders wants small business owners to gather their business tax documents early and organize them now. Need help? come see us at BusinessTaxPrep.org for…
Read MoreWithholding Estimator Now Saves Headache in New Year
Planning to figure your taxes after the new year? Why wait? In the first of a series of tax filing reminders, the IRS urges individual taxpayers to use the Tax Withholding Estimator to find out whether more should be withheld or worse, how much will be due when the tax return is filed. If you…
Read MoreEnd of Assignment Evaluations For Effective Management
In our experience based market, are you asking your business customers for immediate feedback? Are you giving your vendors feed back too? Just as importantly, are you giving your employees evaluations of their participation in group and individual assignments as soon as the assignments are completed? Annual evaluations occur long after the undesirable behavior has…
Read MoreTuesday Tax Tip: 2019 Tax Filing Changes to Know
There is still time to get more out of your deductions and contributions before the end of the 2019 tax year. Parts of the 2017 reform did not take effect until this year, and, as most years, the contribution caps changed for 2019. Here is what you should know about 2019 tax filing changes. The…
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…
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…
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