Along with a new year comes new payroll rules. Here are five highlights: 1. Significant revisions have been made to Form W-4. The IRS redesigned Form W-4, beginning with the 2020 tax year. The form was revised to take into… Read More
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Age-Related Tax and Financial Planning Milestones
In an era of uncertainty, you can count on one thing: Time marches on. While you can’t beat Father Time, you can prepare for these age-related tax and financial planning milestones as you and your loved ones grow older. Age… Read More
Is Your Family Medical Leave Policy Up-to-Date?
The Administrator of the Department of Labor’s Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. Here’s… Read More
Do Your Employees Receive Tips? You May Be Eligible for a Tax Credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income…. Read More
5 Tax Scams to Avoid This Season
Tax season is upon us again, and with it comes a flock of scammers. Thousands of people fall victim to tax scams each year, costing them millions of dollars and leaving their personal information compromised. Fraudsters are always coming up… Read More
Deducting Medical Expenses for 2019 and Beyond
Under current tax law, medical expenses can be deducted as an itemized deduction on your federal income tax return only to the extent that they exceed 7.5% of adjusted gross income (AGI). This AGI threshold was in place for 2017… Read More
10 Tax Elections to Save Money on Your 2019 Return
2020 is a presidential election year. You’ll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other key “elections” this year when filing your 2019 tax return. These elections may… Read More
Congress Approves New Disaster-Area Tax Relief
A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the retirement plan rules and tax extenders that were part of this package. However,… Read More
Tax Friendly Ways to Make Charitable Contributions
The 2018 Tax Cuts and Jobs Act (TCJA) raised the standard deduction from $6,500 to $12,000 for individual filers and from $13,000 to $24,000 for joint returns. The IRS estimates that nearly 90% of Americans are now taking the standard… Read More
Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense… Read More