Anytime Employers - Income Tax Withholding. Ask employees whose withholding allowances will be different in 2020 to fill out a new Form W-4. The 2020 revision of Form W-4 will be available on the IRS website by mid-December. November 12 Employees who work for tips - If you received $20 or more in tips [...]
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about [...]
New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don't be fooled, however; it's nothing more than a new twist on an old scam and yet another attempt to frighten people into returning "robocall" voicemails. How the Scam Works Con artists claim to be [...]
As the end of the year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA) of 2017. Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers [...]
Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care [...]
If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Here are seven facts that building owners should know about this credit: The credit is 20 percent of the taxpayer's qualifying costs for rehabilitating [...]
If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable transaction. They may have found [...]
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year invoices, so payment is not received until 2020. Businesses using [...]
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019. General Tax planning Strategies General tax planning strategies for individuals include postponing income and accelerating deductions, and careful consideration of timing-related tax planning [...]
October 10 Employees who work for tips - If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. October 15 Individuals - If you have an automatic 6-month extension to file your income tax return for 2018, file Form 1040 and pay any tax, [...]
