Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation.
Category Archives: 2019 Tax Return
There still might be time to cut your tax bill with IRAs
February 6th, 2020 by Douglas Freeman
Posted in 2019 Tax Return, AGI (Adjustable Gross Income), Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Retirement, Roth IRA, Simplified Employee Pension (SEP)
Tags: Deductible IRA, Retirement Contributions, Tax Advantages, Tax Strategy
If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the resulting tax savings on your 2019 return.
Answers to your questions about 2020 individual tax limits
February 3rd, 2020 by Douglas Freeman
Posted in 2019 Tax Return, FICA, Income Tax, Individual Income Tax, IRA, Social Security, Tax Savings
Tags: Deductions, Domestic Employer, Gift Tax, Itemized Deductions, Medicare Tax
Some tax amounts can only change with new tax legislation. Here are some Q&As about tax-related figures for this year.
Help protect your personal information by filing your 2019 tax return early
January 15th, 2020 by Douglas Freeman
Posted in 2019 Tax Return, Income Tax, Individual Income Tax, Internal Revenue Service
Tags: Form 1099, Tax Identity Theft, Tax Refund, U.S. Series I Savings Bonds, W-2
Consider filing your taxes as soon as you can this year. The reason: You can potentially protect yourself from tax identity theft.
New law provides a variety of tax breaks to businesses and employers
January 2nd, 2020 by Douglas Freeman
Posted in 2019 Tax Return, 401K, Business Income Tax, Federal Income Tax, Federal Taxes, Health Care, Income Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning
Tags: Cadillac Health Plans, Employer Tax Credit, Health Coverage Tax, Medical Device Excise Tax, Paid Family & Medical Leave Credit, Part-Time Employees, Setting Every Community Up for Retirement Enhancement Act), The Taxpayer Certainty and Disaster Tax Relief Act of 2019
The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020)
Adopting a child? Bring home tax savings with your bundle of joy
December 16th, 2019 by Douglas Freeman
Posted in 2019 Tax Return, Adoption, Tax Credits, Tax Deduction, Tax Savings
Tags: Qualified Adoption Expenses, Special Needs Adoption, Taxpayer ID Number
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses.
What is your taxpayer filing status?
November 20th, 2019 by Douglas Freeman
Posted in 2019 Tax Return, Tax, Tax Deduction, Tax Planning
Tags: Head of Household, Marital Status, Qualifying Child, Qualifying Widower, Tax Filing Status- Married Filing Separately, Tax Filing Status-Married, Tax filing Status-Single, Tax Filling Status Married Filing Jointly
When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December 31.
Expenses that teachers can and can’t deduct on their tax returns
September 5th, 2019 by Douglas Freeman
Posted in 2019 Tax Return, Business Expenses, Deductable Expenses, Documentation, Educators, Individual Income Tax, Itemized Deduction, Tax Cuts and Job Acts (TCJA), Tax Deduction
Tags: Counselors, Instructors, Itemized Deductions, Out-of-Pocket Classroom Expenses, Principals, Receipts, Teachers, Unreimbursed Teacher Expenses
For 2019, qualifying educators can deduct some of their unreimbursed out-of-pocket classroom costs under the educator expense deduction.
It’s a good time to buy business equipment and other depreciable property
July 22nd, 2019 by Douglas Freeman
Posted in 2019 Tax Return, Business Deductions, Business Equipment, Deductable Expenses, Deductions, Depreciation, Depreciation Deduction (Section 179), Equipment, Income Tax, Section 179, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning
Tags: Bonus Appreciation Assets, Bonus Depreciation, Machinery and Equipment, Nonresidential Real Property, Qualifying Assets, Tangible Personal Property
The Section 179 deduction and bonus depreciation for business assets have been increased and expanded.
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