IRS issues 2020 standard mileage rates For business use of a car, van, pickup truck, or panel truck, the standard mileage rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. The standard mileage for medical care …
Category: Personal Taxes
Clients Beware: 7 Tax Scams to Watch Out for in 2020
Each year, thousands of people lose millions of dollars, not to mention their personal information, in these schemes. Typically, the new scams are variations on old themes but are even slicker than before and harder to detect. ‘Tis the season for tax scams. As the time for filing 2019 tax returns fast approaches, the IRS is again …
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Small Business Tax Changes to Help You Prepare 2019 Taxes
Every year, tax laws change and certain IRS regulations affecting businesses change, too. This article describes the most recent changes you need to know about to do your business tax planning and to prepare your small business taxes for the current year. Some of the changes for the 2018 tax year include updates to the Social Security maximum, IRS …
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Self-Employment Tax: Understand & Calculate It in 2019-2020
Self-employment tax is a combination of Social Security and Medicaid taxes. Here's how much it is, how to calculate it and how to pay the bill. If you’re a freelancer, independent contractor or small-business owner, you may need to pay self-employment tax. Here’s what it is, how it works and how you can save. What …
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6 Tax Tips for Small Business Owners
AT THE END OF THE YEAR, small business owners are often looking for ways to minimize their companies' tax liability for the current tax year, says accountant Vinay Navani, of Wilkin Gutten plan. This year’s conversation with your tax professional could be an important one, as many accountants more fully grasp provisions of the Tax …
4 Ways to Get Ready Now for Tax Season
The holiday season is fast approaching, and before you know it, 2019 will have come to a close. Tax season for preparing your 2019 tax return won't be far behind, with a typical start coming in late January. To be ready -- and to save as much as you can on your taxes -- it pays to …
Tax Changes For 2019
As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in Congress may or may not pass this year. If any of …
7 Basic Bookkeeping Habits to Help You Secure Financing
Does the thought of bookkeeping fill you with uncontainable excitement? Probably not. What about money in the bank to make your business ambitions a reality? Now we’re talking. It turns out that boring ol’ bookkeeping and business capital have more in common than you might think. You need cash to grow your business, but as …
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The ultimate guide to tax deductions for the self-employed
Filing your taxes as a W-2 employee can be overwhelming. But when you’re self-employed, the labyrinth of paperwork and potential tax deductions creates a tax situation that’s enough to give even the most laid-back freelancer heartburn. Whether you’re filing your business taxes as a self-employed worker for the first time or the 20th, there are …
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Here’s Everything Your Accountant Needs to File Your Business Tax Returns
The basics You’ll need to provide your accountant with these documents and records, regardless of what kind of business entity you operate: Your previous year’s federal, state, and/or local tax returns Provided you’ve filed them before, these will contain most of what your accountant will need to get things rolling, including: Your legal name, Social …
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