Tax | Cg Tax, Audit & Advisory

25 Feb

IRS Proposed Regs For TCJA Federal Income Tax Withholding Changes

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February 24, 2020

The IRS has issued proposed regulations to conform to the Tax Cuts and Jobs Act’s federal income tax withholding changes. The proposed regs are designed to accommodate the redesigned 2020 Form W-4, “Employee’s Withholding...

20 Feb

Individual Tax, Tax

Reasons Why Married Couples Might Want to File Separate Tax Returns

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February 18, 2020

Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But...

18 Feb

Federal Tax, Tax

Standard Deduction Vs. Claiming Itemized Deductions

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February 17, 2020

What’s best for you, taking the standard deduction or claiming itemized deductions? The standard deduction changes yearly and is based on age and filing status. The Tax Cuts and Jobs Act raised the standard...

13 Feb

Individual Tax, Tax

Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

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February 12, 2020

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs,...

11 Feb

Federal Tax, Tax

Dependents and Federal Income Taxes

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February 10, 2020

How do dependents affect federal income taxes? The Congressional Budget Office recently issued a report on this topic. It analyzed tax return data under 2019 tax rules and compared it with the rules that...

06 Feb

Individual Tax, Tax

There Still Might Be Time to Cut Your Tax Bill With IRAs

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February 6, 2020

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make...

04 Feb

Federal Tax, Tax

Next Decade U.S. Economic Outlook

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January 31, 2020

What’s the U.S. economic outlook for the next decade? The Congressional Budget Office (CBO) just released a report that projects the federal deficit in 2020 will be 4.6% of gross domestic product (GDP) and...

30 Jan

Individual Tax, Tax

Answers to Your Questions About 2020 Individual Tax Limits

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January 29, 2020

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in...

28 Jan

Federal Tax, Tax

Update on Forms W-4

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January 27, 2020

The IRS is informing employees that they can use Forms W-4 printed before Dec. 31, 2019, even though those forms list the now out-of-date 10%-of-AGI medical expense deduction. The Taxpayer Certainty and Disaster Tax...

23 Jan

Individual Tax, Tax

Can You Deduct Charitable Gifts on Your Tax Return?

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January 22, 2020

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago...

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