August 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA taxes and income tax withholding […]

First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead. Per the linked statistics, for the average American who earned $50‒70K per year, only about half a percent of those tax returns got audited. If you made between $25‒50K or between $75‒100K, […]

Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age […]

Article Highlights: Expiring ITINs IRS Currently Accepting Renewal Applications Family Renewal Options How to Renew Common Errors to Avoid According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment […]

Article Highlights: Adjusted Basis Passive Loss Carryovers Installment Sale Tax-Deferred Exchange Tax on Net Investment Income Qualified Opportunity Fund Home Sale Exclusion If you are contemplating selling realestate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, […]