Should I Tap into my Retirement Funds?
Often if you are in dire need for money the most tempting area to look is your IRA, 401(k), and other qualified retirement accounts. These funds, set aside for your retirement, may seem to be the answer to your financial … Continued
The IRS Says “Gotcha!”- Late filing of S corporation and partnership returns can be costly
The last couple of years, the IRS has been penalizing late filers of S corporation and partnership tax returns. This despite the fact that late filing of the tax returns (Forms 1120S and 1065), due March 15th, often does not … Continued
Where’s My Tax Return?- Common items that are often forgotten
Wondering why your tax return is not finished? Often the delay can come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common: Missing Statements. This includes … Continued
Great New Option to Reduce Student Loan Debt- Newly passed tax law could benefit many
Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K through 12 … Continued
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 This material may not be published, rewritten or redistributed without permission, except as noted … Continued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