Form W-4, Employee\’s Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee\’s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker\’s expected filing status and standard deduction for the […]
2020 Tax Withholding: the new Form W-4 Read More »
The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage. The size and structure of a workforce determines which parts of the law
ACA Reporting Requirements for Employers Read More »
NOTE: Due to the coronavirus these deadlines have changed. March 2 Farmers and Fishermen – File your 2019 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020. Health Coverage Reporting – If you are an
Original Tax Due Dates for March 2020 Read More »
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
Tax Due Dates for February 2020 Read More »
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
Tax Filing Season Begins Read More »
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 It also included several retirement plan changes and repealed three health care taxes.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
Tax Extenders, Retirement Plan Changes, and Repeals Read More »
Have you ever wondered when your tax refund will arrive or what the status of your tax return is? The IRS features tools on their website that you allow you to get information abut your tax return. We are going to show you how to use the tools while breaking down some methods available. The IRS has 2 online tools
How to check your tax return status for free! Read More »
Did you make any mistakes on your tax return? Did you forget to claim something that is deductible? There\’s nothing to worry about because you can send a new form that will help you claim the refund without getting in any trouble whatsoever. Luckily the IRS is familiar with taxpayers sending incorrect paperwork so all you
How and when do I need to amend my tax return? Read More »
Deduct Your Refinancing Costs. As the real estate market improves and mortgage rates remain low, many homeowners are considering refinancing their home mortgages. Following are some of the general tax rules for deducting the charges associated with refinancing. Interest Interest on a refinanced loan will be deductible to the extent the loan refinances up to $1
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Depreciating Business Property. Depreciation deductions can be extremely valuable for a business. For example, in a recent court case, a federal judge ruled a company could begin taking its depreciation deductions for two buildings housing retail stores at a point prior to when they were \”open for business.\” The ruling allowed the company to show a
Depreciating Business Property Read More »
