New guidance now expands on the filing and payment relief for individuals, estates, corporations, and others. You can access the tool here: https://bit.ly/2JXBOvM
Category Archives: 2019 Tax Return
Cash payments and tax relief for individuals in new law
March 31st, 2020 by Douglas Freeman
Posted in (CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), COVID-19, Individual Income Tax, Internal Revenue Service (IRS)
Tags: Cash Payments, Charitable Deductions, Married filing Jointly, Pandemic, Retirement Plans, Tax and Financial Relief
This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments.
Coronavirus (COVID-19): Tax relief for small businesses
March 23rd, 2020 by Douglas Freeman
Posted in 2019 Tax Return, COVID-19, Employees, Federal Income Tax, Internal Revenue Service (IRS), Small Business, Tax Deadlines, Tax Refund
Tags: Estimated Taxes, Families First Coronavirus Response Act, Federal Income Tax, July 15, Paid Leave, Self-Employed Taxpayers, Tax Deferrals, Tax Filing Deadline, Tax Relief
The IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest.
The 2019 gift tax return deadline is coming up
March 10th, 2020 by Douglas Freeman
Posted in 2019 Tax Return, Gift and Estate Tax, Gift Tax
Tags: Annual Exclusion, Artwork, College Savings Plan, Educational Expense, Medical Expenses, Section 529, Statue of Limitations
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return.
Reasons why married couples might want to file separate tax returns
February 17th, 2020 by Douglas Freeman
Posted in 2019 Tax Return, AGI (Adjustable Gross Income), Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service (IRS)
Tags: Federal Tax Return, Married Couple, Married filing Jointly, Married filing Single, Provisional Income, Series EE Savings Bonds, Series I Savings Bonds, Tax-Free
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation.
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)
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