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Be Prepared For Higher Taxes
"Tis impossible to be sure of anything but death and taxes." The Cobbler of Preston by Christopher Bullock (1716) This old adage by Christopher Bullock is still true today, but there's actually a third certain thing in life - fluctuating tax rates! The past 50 years includes a roller coaster of increasing and decreasing tax rates depending …
How to Protect Your Social Security Number From Theft
With the dramatic increase in identity theft, what can be done to protect your Social Security number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security card with you. Your parents were encouraged to do this, but times have changed. You will need to provide it to a new employer, …
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Tax-Free Roth IRA Withdrawal Options
What every Roth IRA account holder should know Withdrawing funds from your retirement accounts must be done carefully to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. Here are some tips for Roth IRAs. Roth IRA basics Roth IRA accounts differ from other IRAs in that your contributions …
NEW Tax Rules for 2020!
Get started on your tax planning by reading about new laws that can help you in 2020. Also find out whether your business should incorporate and read about mortgage refinancing mistakes to avoid. Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to …
4 key COVID-19 audit risks for 2020 year ends
Many auditors have begun to turn their sights to their next group of audits: clients with 2020 fiscal year ends. The World Health Organization declared a public health emergency on Jan. 30, 2020, meaning many of these clients will have been affected by the COVID-19 pandemic during the period under audit. Auditing these clients will carry unique …
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Taxable or Not Taxable?
Some of these items may surprise you. There are a number of areas in the tax code that cause confusion as to the taxability of money received. Here are some of the most common areas of confusion. Unemployment compensation. Unemployment compensation is typically required to be reported as taxable income. Because of the pandemic, millions of …
Quiz: What was the tax rate on the 1913 tax return?
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IRS outlines changes to health care spending available under CARES Act
The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus. Telehealth and High Deductible Health Plans Under the CARES Act, a high deductible health …
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Understanding Tax Terms: Wash Sales
You may be considering booking stock losses due to recent market drops in order to save on your bill from Uncle Sam. Selling losers can be a great strategy when these losses can offset stock gains and up to $3,000 in excess stock losses can offset your ordinary income. However, there is a little known …
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