Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. And this year there is a new one called the 1099 NEC. Here is a summary of the most common of these informational tax forms that you will need to file...
Are you an independent contractor or an employee? As the pandemic continues, many long-time employees are now picking up jobs as contractors. In the meantime, states like California are trying to force the definition of employees upon companies. Getting it wrong could cost you plenty...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2020 fourth quarter due date is now here. Due date: Friday, January 15, 2021 You are required to withhold at...
Mileage rates for travel are now set for 2021. The standard business mileage rate decreases by 1.5 cents to 56 cents per mile. The medical and moving mileage rates also decrease by 1 cent to 16 cents per mile. Charitable mileage rates remain unchanged at...
There are many tax benefits built into home ownership. Here is a review of the most common. It may be worth a quick check to ensure you are maximizing your home ownership tax benefits. Common deductions Interest deductibility. Mortgage interest is one of the few allowed deductible interest...
Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know. Phishing requires bait Phishing is the act...
As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution...
At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review. 1. Make last minute charitable donations. 2. Review and maximize use...
One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze here is a chart that outlines key ages...
While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer's...
