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3 Common Personal Income Tax Problems & How to Respond

Tax problems aren't just a worry that hang over people's heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can't provide. Additionally, the IRS isn't the only source of those problems: state tax authorities [...]

By |2019-11-13T18:49:47+00:00November 13th, 2019|Categories: Uncategorized|0 Comments

Should You Have an Identity Protection PIN?

Article Highlights: Taxpayer First ActTaxpayer Notification when a SSN is Fraudulently UsedPurpose of an IP PINObtaining an IP PINIs an IP PIN Right for You? With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity protection pin (IP PIN) [...]

By |2019-11-11T22:00:52+00:00November 11th, 2019|Categories: Uncategorized|0 Comments

Make sure clients sign up for health care to avoid new California penalty (10-17-19)

Effective January 1, 2020, California residents must obtain minimum essential health care coverage to avoid the new California individual health care mandate penalty enacted by SB 78 (Ch. 19-38). Generally speaking, an individual who fails to secure coverage will be subject to an annual penalty of $695 or more when they file their 2020 California [...]

By |2019-11-08T23:40:30+00:00November 8th, 2019|Categories: Uncategorized|0 Comments

6 Simple Personal Finance Tips That Lead to a Big Payoff

Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill [...]

By |2019-10-29T23:16:37+00:00October 29th, 2019|Categories: Uncategorized|0 Comments

Is It Better to Have a Tax Credit or a Deduction?

Article Highlights: Itemized DeductionsAbove-the-Line DeductionsBusiness DeductionsAsset-Sale DeductionsRefundable CreditsNonrefundable CreditsCarryover CreditsBusiness Tax Credits People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or a credit; these benefits’ effects are quite [...]

By |2019-10-28T23:48:12+00:00October 28th, 2019|Categories: Uncategorized|0 Comments

70-1/2 or Older? Avoid an IRS Penalty by Taking the Correct Retirement Plan Distribution

Article Highlights: Required Minimum Distribution RequirementsComputing Required Minimum DistributionRoth IRAsStill Working ExceptionUnder-Distribution PenaltyIRA to Charity TransfersBeneficiaries If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount – referred to as the required minimum distribution (RMD) [...]

By |2019-10-23T15:38:55+00:00October 23rd, 2019|Categories: Uncategorized|0 Comments

Crowdfunding Can Have Unexpected Consequences

Article Highlights: Crowdfunding SitesGiftsCharitable GiftsBusiness VenturesSEC Registration Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised [...]

By |2019-10-17T21:51:45+00:00October 17th, 2019|Categories: Uncategorized|0 Comments

6 Simple Personal Finance Tips That Lead to a Big Payoff

Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill [...]

By |2019-10-16T15:21:29+00:00October 16th, 2019|Categories: Uncategorized|0 Comments

Child Daycare and Taxes

Article Highlights: Daycare Providers Simplified Food DeductionSpecial Rules for Business Use of the Provider’s HomeHome Sale Consequences Other ExpensesOther Daycare Provider IssuesDaycare User CreditEmployer Dependent Care Benefits Other Credit Criteria When discussing daycare for children so their parents can work, there are two primary areas of discussion: one from the viewpoint of the individual providing [...]

By |2019-10-10T16:12:20+00:00October 10th, 2019|Categories: Uncategorized|0 Comments

Are You Subject to Self-Employment Tax?

Article Highlights: Self-employed IndividualsEstimated TaxesSelf-Employment Tax Estimated Tax Safe Harbors1099-MISC and 1099-KOthers Subject to Self-employment Taxincome Not Subject to Self-employment Tax Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are [...]

By |2019-10-04T21:35:11+00:00October 5th, 2019|Categories: Uncategorized|0 Comments