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Take Your 2021 Required Minimum Distributions (RMD)

By: Steven Leibold, EA Tax Planning Views: 298 | Comments: 0 | Votes: 0

Steven Leibold, EA

Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. More

Are There Any Tax Implications When You Move From Employee to Partner?

By: Kevin E. Thorn Tax Planning Views: 120 | Comments: 0 | Votes: 0

Kevin E. Thorn

Many employees spend the bulk of their working lives trying to become a partner of the business to which they’ve devoted so much of their time and effort. Employees are typically rewarded for their hard work and dedication, while partnerships offer the chance to retain a highly-prized asset. An employee typically gets a W-2 and files an annual tax return. More

Maximize Corporate Tax Deductions with Charitable Donations

By: 1888pressrelease.com Tax Planning Views: 1533 | Comments: 0 | Votes: 0

1888pressrelease.com

REDLANDS, Calif. - As corporations prepare for this year’s tax filings, there’s no better time to make strategic plans about how to maximize corporate deducations for 2020. “We are grateful for the continued support of corporations that donate to Disabled Veterans Charities year after year and hope more corporations throughout the U.S. More

401k Contribution Limits for 2020: What Are They?

By: GrowthRapidly Tax Planning Views: 238 | Comments: 0 | Votes: 0

GrowthRapidly

The 401k contribution limits for 2020 is $500 more than the contribution limits for the year of 2019. If you’re at least younger than 50 years old, you can contribute up to $19,500 in 2020. The 401k contribution limits for older employees, i.e., 50 years and older, is $19,500 plus an extra $6500.That extra is called a catch up contribution limit. More

New Housing Tax

By: Kenneth R. Harney Tax Planning Views: 4014 | Comments: 0 | Votes: 1

Kenneth R. Harney

When the U.S. Supreme Court upheld the health care reform law on federal tax grounds, it restoked a housing issue that had been relatively quiet for the past year: the alleged 3.8 percent “real estate tax” on home sales beginning in 2013 that is buried in the legislation. A sample: “Did you know that if you sell your house after 2012 you will pay a 3.8 percent sales tax on it? More

Do you owe the IRS money?

By: Steven Leibold, EA Tax Planning Views: 4802 | Comments: 0 | Votes: 0

Steven Leibold, EA

While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are a number of ways to deal with the issue: Get a Loan to Pay the Balance – If you owe the IRS and don’t pay on time, they will assess interest and penalties. More

Uncle Sam Wants to Help You with Summer Camp Costs

By: On My Own Two Feet Tax Planning Views: 4757 | Comments: 0 | Votes: 0

On My Own Two Feet

Ask a working parent how they feel about summer and you may be surprised. Thoughts of beaches, barbeques, and balmy days at the ballpark are often overshadowed by something much less exotic – concerns about childcare. If you have children under the age of 13, and you need childcare so that you can work, look for work, or attend school full-time, you are in luck. Shepherd Dr. More

“Innocent spouse” won’t be disqualified for failing to file within two years

By: File Your Taxes Online Tax Planning Views: 5829 | Comments: 1 | Votes: 0

File Your Taxes Online

The Internal Revenue Service is giving some relief to "innocent spouses" who otherwise may have been liable for a partner's tax debt.   Effective immediately, the agency has eliminated a rule that disqualifies taxpayers from innocent-spouse status if they fail to file for relief within two years -- a provision that snagged people who otherwise qualified, including abused women. More

35-year-old "temporary" unemployment tax has finally ended

By: Nole Fan Tax Planning Views: 3748 | Comments: 0 | Votes: 0

Nole Fan

Virtually every private employer in the United States will get a tax cut today. It will not affect workers’ paychecks. But the expiration of a 35-year-old temporary unemployment tax - about $14 a year per worker - will mean real money for some big companies at a time when President Obama is pushing Congress to raise taxes on some businesses by closing loopholes. More

Why It's Worth Paying for a Tax Pro

By: File Your Taxes Online Tax Planning Views: 4550 | Comments: 0 | Votes: 0

File Your Taxes Online

To save money last year, Anthony Fasano tried preparing his new business's first tax return on his own. Then reality sank in. "I realized I really had no understanding of the tax laws from a business standpoint," says Mr. Fasano, founder of Powerful Purpose Associates, an executive-coaching company he runs out of his home in Ridgewood, N.J. "I was just winging it." Mr. Fasano. Hall. Ms. More