January 2 - Time to Call for Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 - Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are required to … [Read more...] about January 2020 Individual Due Dates
As tax season draws near, you may be concerned that you won't be able to pay your tax bill. If you're simply broke after holiday credit card bills, you have until April 15th to pay your tax bill in full once you learn how much you owe. If your financial situation is more dire than that, you have some time to explore your options and come up with the funds or a plan. … [Read more...] about How Can I Prove Financial Hardship to the IRS If I Can’t Pay My Taxes?
Article Highlights: Tax Cuts & Jobs ActEstate Tax ExclusionWhy a Will or Trust?Life-Changing CircumstancesBeneficiaries When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. Among the many changes in … [Read more...] about Is Your Will or Trust Up-to-Date?
Article Highlights Filing status. Adjusted gross income (AGI). Taxable income.Marginal tax rate. Alternative minimum tax (AMT). Tax Credits.Underpayment of estimated tax penalty. When discussing taxes, reading tax related articles or interpreting instructions, one needs to understand the lingo and acronyms used by tax … [Read more...] about Understanding Tax Lingo
Article Highlights: Medicare B Premiums Medicare D PremiumsModified AGI2020 Premiums TableEffect of Recreational GamblingAppealing the Social Security Administration’s Decision If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 … [Read more...] about Understanding Your Annual Social Security Letter