19
Nov
The Tax Cuts and Jobs Act suspended miscellaneous itemized deductions for tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026. To reflect the change, the IRS has updated rules for using...
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Federal Tax
12
Nov
With the 2020 tax-filing season approaching, taxpayers may want to take time now to determine if they or their families are eligible for significant tax credits. For example, the Earned Income Tax Credit (EITC)...
07
Nov
The IRS announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The...
05
Nov
When it comes to planning for next year’s tax return filing, the IRS urges taxpayers to wait no longer. To avoid tax-time surprises on their 2019 federal tax returns, taxpayers should start by using...
29
Oct
Do you own a business and employ family members? If so, special tax treatment may apply. For example, if one spouse employs the other, the employed spouse’s wages aren’t subject to federal unemployment tax....
22
Oct
Do you employ someone in your home to care for family members or do other household tasks? If so, you may owe what’s commonly called the “nanny tax.” The Social Security Administration has announced...
15
Oct
Taxpayers with children may qualify to claim the child credit. But your child must meet certain requirements, including being under the age of 17. If the child doesn’t meet the requirements, you may be...
08
Oct
The IRS sends notices or letters to taxpayers for a variety of reasons. According to the agency, it sends out these communiques because the taxpayer has a balance due or is due a larger...
01
Oct
Did you request an automatic six-month extension to file your 2018 tax return? If so, time’s running out. For most extended filers, the deadline is Tuesday, Oct. 15. Special rules apply to members of...
24
Sep
The IRS has issued final regs on the 100% additional first-year depreciation deduction. It allows businesses to write off most depreciable business assets in the year they’re placed in service. Changes from the regs...