December 2019
Your Canceled Debt Could Be Taxable
Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down [...]
Deducting Business-Related Car Expenses
If you're self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to [...]
What to Do if You Receive an IRS CP2000 Notice
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It [...]
Tax Due Dates for June 2019
June 10 Employees who work for tips - If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. June 17 Individuals - If you [...]
Tax Tips for Students With a Summer Job
Are you a student with a summer job or the parent of a student with a summer job? Here are seven things you should know about the income earned by students during the summer [...]
Employers: Backup Withholding Lowered to 24 Percent
Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also [...]