Yearly Archives: 2019

/2019

Does Your Tax ID Number Need to be Renewed?

Article Highlights: Expiring ITINsIRS Currently Accepting Renewal ApplicationsFamily Renewal OptionsHow to Renew Common Errors to Avoid According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment obligations under U.S. [...]

By |2019-07-10T16:50:04+00:00July 15th, 2019|Categories: Uncategorized|0 Comments

Facing a Huge Gain from a Realty Sale?

Article Highlights: Adjusted BasisPassive Loss CarryoversInstallment SaleTax-Deferred ExchangeTax on Net Investment IncomeQualified Opportunity FundHome Sale Exclusion If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread [...]

By |2019-07-10T16:44:11+00:00July 11th, 2019|Categories: Uncategorized|0 Comments

Looking Ahead to 2019 Taxes

Article Highlights: • Solar Credit • Plug-In Electric Vehicle Credit • Penalty for Not Having Health Insurance • Medical Deduction Restrictions • New Alimony Rules • Standard Deduction Increase • Increased Retirement Contributions • Federal Tax Brackets Increase You have your 2018 tax return filed, or perhaps on extension, and now it is time to [...]

By |2019-07-09T20:57:29+00:00July 9th, 2019|Categories: Uncategorized|0 Comments

July 2019 Due Dates

July 2019 Individual Due Dates July 1 - Time for a Mid-Year Tax Check Up Time to review your 2019 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received [...]

By |2019-07-03T20:35:21+00:00July 5th, 2019|Categories: Uncategorized|0 Comments

Worried You Don’t Have Enough Saved for Retirement? You’re Not Alone

According to one recent study, the average retirement age in the United States was 62 years old as of 2017. Currently, the minimum age necessary to collect Social Security is 62, while 66 is largely considered to be "full retirement age" in many industries. The vast majority of people who will retire this year will do so [...]

By |2019-07-03T18:17:48+00:00July 3rd, 2019|Categories: Uncategorized|0 Comments

How to File Taxes After Saying “I Do”

Article Summary: Filing OptionsMarried Filing JointlyUnpleasant ConsequencesPleasant ConsequencesMarried Filing SeparatelyNotifying SSA, IRS, employersOther Issues to Consider A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as [...]

By |2019-07-02T20:40:27+00:00July 2nd, 2019|Categories: Uncategorized|0 Comments

States’ SALT Deduction Workarounds Shot Down

Article Highlights: Limit on Tax Allowed as an Itemized DeductionStates’ Attempted Workarounds Supreme Court RulingFinal RegulationsNotice 2019-12 The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). When the Tax Cuts and Jobs [...]

By |2019-06-25T19:09:13+00:00June 26th, 2019|Categories: Uncategorized|0 Comments

What if you want to file your taxes but can’t afford to pay them?

It’s a common conundrum: You want to file your taxes on time, but you anticipate or already know that you will owe money you can’t afford to pay right now. As a result, you put off filing your tax return under the assumption that the IRS can only bill you if they receive your latest [...]

By |2019-06-24T19:21:56+00:00June 24th, 2019|Categories: Uncategorized|0 Comments

Hobby or Business? It Makes a Difference for Taxes – Now More than Ever

Article Highlights: For-Profit BusinessesNot-for-Profit BusinessesNine Determining FactorsProfit Presumption Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences are: Businesses Entered Into for Profit – For [...]

By |2019-06-18T20:28:06+00:00June 18th, 2019|Categories: Uncategorized|0 Comments

Household Help: Employee or Contractor?

Article Highlights: Household Employee DefinitionEmployee Control FactorsSelf-employed or EmployeeWithholding RequirementsReporting Requirements Taxpayers often will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that individual [...]

By |2019-06-13T20:46:06+00:00June 14th, 2019|Categories: Uncategorized|0 Comments