What? This Form 1099 is Wrong!- What to do to fix this thorny problem
It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment … Continued
2020 Mileage Rates- New mileage rates announced by the IRS
This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted … Continued
Last Minute Tax Law Changes- What everyone needs to know
Late on Friday December 20th a new 1,770 page bill was signed into law. Deep within the pages of the bill are a number of retroactive tax law changes to current and expired tax laws. These new law extenders are … Continued
Missing a Form? Not an Excuse.
If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. You are required to report your income whether your employer or … Continued
No Check! Where’s Your Proof?- What you need to do NOW!
Year-end is a good time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is over one year old. Background Two things have happened over the past … Continued
Big Changes for Form W-4- Now is the time to review your tax withholdings
Just when you thought you had a firm grasp on all the tax changes, the IRS is making a dramatic change to the way tax withholdings are calculated on your paycheck. Form W-4, used to calculate your paycheck withholdings, has … Continued
5 Year-end Tax Essentials
Before 2019 comes to a close, take some time to review these essential items to ensure you are not missing something that could cause tax trouble when you file your tax return: 1. Take required minimum distributions (RMDs). If you … Continued
IRS Releases Key 2020 Tax Information
The IRS recently announced key tax figures for 2020, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are … Continued
Last-Minute Tax-Savings Ideas- Action you can take before time runs out
Here are five tax saving ideas that can be used by most taxpayers. But act soon, there’s not much time left until our tax year comes to an end. 1 Make late-year charitable donations. Consider making donations with appreciated stock you … Continued
Receive Copies of Fraudulent Tax Returns- What did thieves try to steal?
Tax identification theft is becoming all too common. Victims know how frustrating the experience can be. Thankfully, the IRS is willing to help. The frustration If you are a victim of IRS identity theft, your first instinct is to find … Continued