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Tax Due Dates for February 2020

Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2019. This due date applies only if you deposited the tax for the quarter in…
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Tax Filing Season Begins

January 27, 2020, marked the start of this year's tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here's what individual taxpayers can expect: Another New Design for Form 1040 The…
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Tax Extenders, Retirement Plan Changes, and Repeals

The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here's what you need to know: Individual Tax Extenders Mortgage Insurance Premiums. Homeowners with less than…
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