For years you have put away money from your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan to...
This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. Could you be impacted? This is what you need to know. Nanny tax explained In an effort to capture income from household employees, the tax code requires you...
The tax filing due date often brings a sigh of relief to most taxpayers. Unfortunately, every tax day also closes the window on the ability to claim a refund. According to the IRS, in 2017 up to 1.4 million individuals representing $1.35 billion in unclaimed...
There will be a lot of political rhetoric about increasing the national debt with trillions more in spending, adding billions to allow the IRS to audit high income taxpayers, and creating more changes in the tax code in the next few months. To help you break...
With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are making noise in preparation for another fun-filled year of late breaking changes. Here is what we know know. For...
It’s hard to believe a little over a year ago the COVID 19 pandemic hit everyone. As things slowly turn back to normal, you need to be ready for the normalizing of the tax rules and adjusting to new ones. Here is how you can...
For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may help your savings account, it is not always a great idea. Here's why. You are giving the IRS an interest-free loan. Granted, interest rates are pretty...
Individual tax filing due date: May 17, 2021 (was April 15, 2021) Unemployment income: $10,200 per person not subject to federal tax (was taxable) A surprise tax break for 2020 was passed into law in March of 2021. This late, late, late law change is creating havoc within the system. So much...
Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that...
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of...
