One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty. Here are some quick tips to help you determine your answer.
Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, it no longer means all the interest and points reported on these statements are tax-deductible.
No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers.
The government shutdown is over (for now) and the IRS is up and running. Here is a recap of IRS clarifications regarding the impact of the recent shutdown:
Tax filing season officially begins on Monday, Jan. 28. While the U.S. government remains shut down, the IRS will be bringing back 36,000 employees, without pay, to process returns and issue refunds. With the new rules and uncertainty around the shutdown, it's more important than ever to get your tax records organized early. If any of the following situations pertain to you, consider filing your taxes as soon as possible.
Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some of the forms that are likely to hit your mailbox this tax season:
For new parents, information is coming from every direction – feeding times, car seats, sleep schedules, strollers, child development and of course ... taxes. What most new parents do not consider is that this little bundle of joy just complicated their tax situation!
Whether you are a new parent, grandparent, or know someone who is expecting, here are some tax tips to consider:
Are you at the point you need to make difficult staffing decisions? Here are four items not to forget.
Mileage rates for travel are now set for 2019. The standard business mileage rate increases by 3.5 cents to 58 cents per mile. The medical and moving mileage rates also increase by 2 cents to 20 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.
Now is a good time to check in on your beneficiary designations, as life events that happened in 2018 may have changed circumstances.
If you get an email claiming to be from the IRS with an attached tax return transcript file, delete it.
Considering a last-minute donation? You've still got time. Here are a few tips on the best way to proceed.
Under the Affordable Care Act, eligibility for income-based Medicaid and subsidized health insurance, such as Covered California, through the marketplaces is calculated using the modified adjusted gross income (MAGI) of your household. Let's take a look at how this MAGI is different then the Adjusted Gross Income found on your tax return.
There’s no time left to procrastinate! Now is the time to make last-minute tax moves to save you some money. Here are ideas to consider:
Recent entertainment deduction clarification from the IRS stated that you may still deduct 50 percent of food and beverages during a business outing with clients as long as those items are paid separately from other entertainment expenses.
Starting in 2019, the penalty imposed on people who don't have qualified health insurance will go away. This penalty is still in effect through 2018, however.
The aftermath of a natural disaster can be devastating. Fortunately, there's a few major ways the tax code can offer relief to those affected by Hurricane Michael and other federally declared natural disasters.
Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach 70 ½, the trigger requiring minimum distributions (RMDs) from qualified retirement accounts is pulled and a potential tax torpedo is launched.
