Beware of Scammers During the COVID-19 Crisis
As part of the efforts to contain the COVID-19 outbreak, the elderly, especially those over the age of 80 who are most susceptible the dangers of the virus, have been asked to self-isolate themselves. At the same time, the public has been asked to assist family, friends and neighbors who can’t do their own their…
Read MoreTax Filing Deadline Delayed to July 15
After already extending the due date for tax payments earlier this week to account for the COVID-19 emergency, Treasury Secretary Steven Mnuchin announced in a Tweet on Friday that the deadline for filing tax returns is also being delayed from April 15 to July 15. “At @realDonaldTrump’s direction, we are moving Tax Day from April…
Read MoreTreasury and IRS Announce 90-Day Delay for Tax Payment Deadline
UPDATE: Since this article was published, Treasury Secretary Steven Mnuchin has announced that the tax filing deadline for the 2019 tax year will also be extended by 90 days to July 15, 2020. This is available to everyone and means that taxpayers do not need to file for an extension by April 15th in order…
Read MoreMarch 2020 Tax Due Dates
March 2020 Individual Due Dates March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA…
Read MoreTax Issues Related to Hobbies
Article Highlights: Hobby Losses Not-for-Profit Rules Determining Factors Trade or Business Presumption Hobby Tax Reporting Self-Employment Tax Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any…
Read MoreTax Benefits for People with Disabilities
Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer…
Read MoreChild Daycare and Taxes
Article Highlights: Daycare Providers Simplified Food Deduction Special Rules for Business Use of the Provider’s Home Home Sale Consequences Other Expenses Other Daycare Provider Issues Daycare User Credit Employer 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…
Read MoreTake Advantage of the Education Tax Credits
Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Who Gets the Credit? Qualified Tuition and Related Expenses Eligible Educational Institutions Form 1098-T Scholarships Tax Fraud As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many…
Read MoreSmart Money Moves to Make Once You Turn 50
Congratulations, you made it to half a century! Your fifties can be a tumultuous time: Not having to work anymore sounds like a dream, but you might be concerned you don’t have enough saved for retirement. Those concerns definitely aren’t unfounded as 40 million households in America have no retirement savings at all. Additionally, the Federal…
Read MoreDid You Just Get an IRS Notice of Deficiency? Here’s What to Do Next
Nobody likes getting mail from the IRS — especially when it’s something you weren’t expecting. One minute, you’re minding your own business and aren’t even thinking about that return you filed months ago. The next minute you open your mailbox and see something called a “Notice of Deficiency” — and your anxiety immediately goes through…
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