New 1095-B and 1095-C due date: March 2
The IRS said it will allow large health insurance companies to delay sending out health insurance confirmation forms.
Mike's weekly post usually concentrated on tax saving strategies.
You're probably getting ready to go through last year's records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records.
Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to handle all the forms you get and to head off any potential problems.
It's simple enough to overlook this tax related to household employees. But you could be in trouble if you do. Here's why you'd better pay attention to the nanny tax.
You've likely heard the good and the bad about reverse mortgages. But what's real? Before you consider this strategy, consider a few key components.
Start your engines! Tax filing season officially begins on Monday, Jan. 29. Not many people file that early, but for some taxpayers it makes sense to do so. Here are common reasons to consider trying to be at the head of the line.
Required minimum distribution (RMD) rules are pretty strict. If you don't want to face a hefty fine, you must withdraw a certain amount of money every year from tax-deferred retirement plans like 401(k)s and traditional IRAs after you reach age 70½.
The IRS released new income tax withholding tables that reflect the changes to the tax bracket structure in the Tax Cuts and Jobs Act (TCJA) passed in late December. Employers will have until Feb. 15 to update their payroll systems to reflect the new changes, and employees will start seeing the changes in their paychecks after that point.
The TCJA reduces income tax rates for almost all taxpayers. Widespread tax changes like this seldom happen, so it’s worth keeping an eye on your pay stubs over the next few weeks. The danger is that if the changes aren’t done right, you’ll either have too much tax taken out every paycheck, or end up with a big tax bill because too little was withheld. Here are some tips:
If you own your own business or have a side business in addition to your regular job, you may need to send out several IRS forms by Jan. 31 this year.
The deadline is for forms you issue to employees and others who were paid as part of your business activities throughout the year. Forms W-2s and 1099-MISC forms that contain non-employee compensation in box 7 will have to be postmarked or sent electronically to both the IRS and the person you did business with on or before Jan. 31, otherwise you may face fines for each late form.
Most businesses understand that a W-2 is required for each of your employees. But did you know that you also may need to issue a 1099-MISC to each contractor or vendor you’ve done business with during the year?