Individual Taxpayers: Recap for 2019

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2019 is $24,400. For [...]

Individual Taxpayers: Recap for 20192019-12-28T21:46:17+00:00

7 Tips to Help You Figure out if Your Gift Is Taxable

If you've given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is taxable. 1. Most [...]

7 Tips to Help You Figure out if Your Gift Is Taxable2019-12-28T21:20:06+00:00

The Home Office Tax Deduction for Small Business

If you're a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount of your taxable income. Here are seven [...]

The Home Office Tax Deduction for Small Business2019-12-28T21:19:22+00:00

Estimated Tax Penalty Waived for Eligible Filers

More than 400,000 eligible taxpayers whose withholding and estimated tax payments fell short of their total 2018 tax liability will have the estimated tax penalty automatically waived or refunded (if they already paid the penalty) on 2018 returns filed with the IRS. Eligible taxpayers who have already filed a 2018 return do not need [...]

Estimated Tax Penalty Waived for Eligible Filers2019-12-28T21:17:48+00:00

Avoid Refund Delays by Renewing Expiring ITINs Now

ITINs (Individual Taxpayer Identification Numbers) are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been used on a federal tax return at least once in the [...]

Avoid Refund Delays by Renewing Expiring ITINs Now2019-12-28T21:11:17+00:00

Special Tax Breaks for Members of the Armed Forces

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you're an active member of the armed forces, here's what you should [...]

Special Tax Breaks for Members of the Armed Forces2019-12-28T20:55:38+00:00

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 (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your [...]

Your Canceled Debt Could Be Taxable2019-12-28T20:54:42+00:00

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 figure out the actual costs of operating the car for business use. You are allowed to deduct the business-related portion [...]

Deducting Business-Related Car Expenses2019-12-28T20:53:39+00:00

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 is not a tax bill or a formal audit notification; it merely informs you about the information the IRS has received [...]

What to Do if You Receive an IRS CP2000 Notice2019-12-28T20:52:33+00:00

How the Sharing Economy Affects Your Taxes

If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's no need to worry about the tax implications. However, [...]

How the Sharing Economy Affects Your Taxes2019-12-28T20:43:57+00:00
Go to Top