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The IRS has announced contribution and benefit limits for 2020. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 …
Continue reading IRS Announces 2020 Contribution and Benefit Limits
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 …
Continue reading Clients Beware: 7 Tax Scams to Watch Out for in 2020
With many small businesses thriving during the holiday season, this is the time of year that makes running a business exciting and enjoyable! This is also the time of year to reconcile books and prepare for tax season. How can owners balance both? We see so many of our small business owners struggle at tax …
Continue reading 10 Reasons Why Your Small Business Needs a Bookkeeper
December is a time to be festive, relax with friends and family, indulge in delicious holiday-party fare — and, on a more practical note, time to get your payroll in order before the end of the year. Slightly less merry, but equally important! To help ease your burden, please find below ConnectPay’s handy checklist of …
Continue reading Year-End Payroll Checklist for Small Businesses
An IRS audit is simply the IRS double-checking your numbers to make sure you don’t have any discrepancies in your return. Sometimes state tax authorities do audits, too. If you’re telling the truth, and the whole truth, you needn’t worry. Nothing is inherently sinister about an IRS audit or state audit. However, people who are consciously cheating …
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Tax season can be stressful but the saving grace is that many tax filers will receive a refund. In past years, about 75% of filers receives refunds after filing their federal income tax returns. Many people even count on a refund to help them pay down debt or cover bills early in the year. That means …
Filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided. Take a few minutes to save each relevant filing date to your calendar, and stay ahead of the IRS. If you’re sending your return in via snail mail, the IRS considers your …
Continue reading When Are Taxes Due? 2020 Filing & Extension Deadlines
Trump's proposed tax cuts will boost retirement plans: Grover Norquist Americans for Tax Reform president Grover Norquist on Trump wanting to see more tax cuts and Kanye West's huge tax refund. The IRS on Thursday released its final version of the 2020 Form W-4, with some important changes that could impact both employers and workers. The new form …
Continue reading IRS releases new Form W-4: What to know to avoid a refund surprise in 2020
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 …
Continue reading Small Business Tax Changes to Help You Prepare 2019 Taxes
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