Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to the individuals' BENEFIT to file a return even if they are not required to file. When individuals are required to file: Generally, individuals are requi ..read more

Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable Care Act Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ramifications are real, and the following are some of the major tax complic ..read more

Article Highlights: Scammers disguise e-mails to look legitimate. Legitimate businesses and the IRS never request sensitive personal and financial information by e-mail. Don’t become a victim. Stop - Think - Delete Be alert for phony letters and phone calls You may think we harp on you a lot about protecting yourself against identity theft and tax scams. You are right… but we do it because having your identity stolen becomes an absolute financial nightmare, sometimes taking years to straighten out. Identity thieves are clever and relentless, and they are always coming up with new schemes to ..read more

It would be great if you could have closed out 2019 knowing that you were all caught up with your accounting work. You sent all your invoices, paid all your bills, and wrapped everything up with a series of reports and a proverbial bow. Unfortunately, December rarely goes that way. You're making last-minute adjustments for your taxes. Dealing with the holiday rush if you're a retailer. Handling end-of-year employee issues, trying to make your monthly sales quotas, and doing something special to make your customers feel appreciated at this time of year. On top of your daily accounting work, you ..read more

Article Highlights: Discharge of Qualified Principal Residence Indebtedness Mortgage Insurance Premiums Above-the-Line Deduction for Qualified Tuition and Related Expenses Medical AGI Limits Residential Energy (Efficient) Property Credit Employer Credit for Paid Family and Medical Leave Maximum Age Limit for Traditional IRA Contributions Penalty-Free Pension Withdrawals in Case of Childbirth or Adoption Increase in Age for Required Minimum Pension Distributions Difficulty of Care Payments Qualifying for IRA Contributions Expansion of Sec. 529 Plan Uses Required Distributions Modified for Inh ..read more

As tax season draws near, you may be concerned that you won't be able to pay your tax bill. If you're simply broke after holiday credit card bills, you have until April 15th to pay your tax bill in full once you learn how much you owe. If your financial situation is more dire than that, you have some time to explore your options and come up with the funds or a plan. However, if your tax problems or finances are so severe that you don't think you'll be able to pay the bill ever, you may need to file for a genuine hardship plea and be declared uncollectible. If you can't pay your taxes, don't pa ..read more

January 2 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded.January 10 - Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 10.January 15 - Individual Estimated Tax Payment Due - It’s time to make your fourth quarter estimated tax installment payment for the 2019 tax year. Januar ..read more

January 15 - Employer’s Monthly Deposit Due - If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2019. This is also the due date for the nonpayroll withholding deposit for December 2019 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.January 15 - Farmers  and Fishermen - Pay ..read more

Article Highlights Filing status Adjusted gross income (AGI) Taxable income Marginal tax rate Alternative minimum tax (AMT) Tax Credits Underpayment of estimated tax penalty When discussing taxes, reading tax related articles or interpreting instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax strategies if you are not familiar with the basic terminologies used in taxation. The following provides you with the basic details associated with the most frequently encounte ..read more

The creditworthiness of your business is measured by its credit score. This number is issued by Dun & Bradstreet, Experian, Equifax, and FICO SBSS, and is an essential reflection of your company’s payment reliability and timeliness. Why is Your Business Credit Score Important? Your company’s overall financial health is of key importance to any lenders, creditors, and trade partners with whom you wish to do business. Those partners need to be able to trust in your ability to provide the good or services that you are promising: to pay back any loans you may apply for. Your financial health c ..read more