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8 06, 2022

Do You Understand Tax Lingo?

By |2022-06-08T20:57:36+00:00June 8th, 2022|Categories: Uncategorized|Comments Off on Do You Understand Tax Lingo?

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 trying to decipher tax form 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 [...]

8 06, 2022

June 2022 Individual Due Dates

By |2022-06-08T20:36:04+00:00June 8th, 2022|Categories: Uncategorized|Comments Off on June 2022 Individual Due Dates

June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA taxes and income tax withholding [...]

3 06, 2022

With a Possible Recession Looming, You May Want to Review Your Cash Flow Process

By |2022-06-03T22:43:48+00:00June 3rd, 2022|Categories: Uncategorized|Comments Off on With a Possible Recession Looming, You May Want to Review Your Cash Flow Process

If you’re a business owner who has been through a recession before, you know that smart cash flow management is absolutely crucial. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may be less familiar with how quickly your finances can be affected. To protect yourself and keep your business operating, [...]

11 01, 2022

Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

By |2022-01-11T00:44:47+00:00January 11th, 2022|Categories: Uncategorized|Comments Off on Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

Article Highlights: 1099-NEC Filing RequirementsIndependent Contractor Filing ThresholdForm W-9Form 1099-MISC If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments. [...]

6 12, 2021

Tax-Free Gifting

By |2021-12-06T23:33:58+00:00December 6th, 2021|Categories: Uncategorized|Comments Off on Tax-Free Gifting

Article Highlights: Lifetime ExclusionAnnual ExclusionMedical ExceptionEducation ExceptionGifting Techniques If you are fortunate enough to have an estate large enough to be subject to the estate tax upon your death, you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the estate tax when you [...]

1 12, 2021

Tax Tips for Holiday Charity Donations

By |2021-12-01T20:34:41+00:00December 1st, 2021|Categories: Uncategorized|Comments Off on Tax Tips for Holiday Charity Donations

Article Highlights: Long-Form Itemization RequiredBelow-the-Line Cash Contributions for 2021Qualified Charities OnlyCash DonationsNon-cash DonationsLeave DonationsOther Qualifying DonationsAGI LimitationsYear-End Donations During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your tax return.  Cash Donations – To claim a [...]

17 11, 2021

10 Tax-Saving Strategies to Consider Before Year-End

By |2021-11-17T16:07:56+00:00November 17th, 2021|Categories: Uncategorized|Comments Off on 10 Tax-Saving Strategies to Consider Before Year-End

Article Highlights: Taking Stock of Tax StrategiesEducation Tax CreditsConverting a Traditional IRA to a Roth IRAMinimum Required DistributionsCharitable ContributionsQualified Charitable DistributionsHealth Savings AccountsPrepaying State TaxesPaying Medical/Dental BillsGiftingAvoiding Underpayment Penalties It seems hard to believe, but the holiday season is almost upon us, and that means that the 2021 tax preparation season will soon follow. With [...]

21 07, 2021

The Treasury Green Book of Biden Proposed Tax Changes

By |2021-07-21T18:42:07+00:00July 21st, 2021|Categories: Uncategorized|Comments Off on The Treasury Green Book of Biden Proposed Tax Changes

Article Highlights Long-Term Capital Gains RatesTop Individual Tax RatePass-Through Income Subject to 3.8% NIIT or SECA TaxLimit Nonrecognition of Like-Kind ExchangesTransfer of Appreciated Property by Gift or DeathFamily-Owned and -Operated Businesses15-Year Fixed-Rate Payment PlanExcess Business Loss LimitationCarried InterestEnhanced Financial Account Reporting The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes [...]

21 07, 2021

Contemplating Refinancing Your Home Mortgage? Things You Should Consider

By |2021-07-21T18:42:19+00:00July 21st, 2021|Categories: Uncategorized|Comments Off on Contemplating Refinancing Your Home Mortgage? Things You Should Consider

Article Highlights: Is It Appropriate to Refinance Your Home Loan?Refinance CostsInterest RatesCredit ScoreBorrowing Additional CashLoan TermItemizing Deductions With home mortgage rates at historic lows, it may be appropriate for you to get in touch with Mortgage Broker Denver Colorado or your vicinity and consider refinancing your current mortgage. However, refinancing may not always be the [...]

1 07, 2021

Relocating? How to Do It with Taxes in Mind

By |2021-07-01T22:01:50+00:00July 1st, 2021|Categories: Uncategorized|Comments Off on Relocating? How to Do It with Taxes in Mind

If you're thinking about moving from your current locale, you're not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State [...]

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