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 for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about August 2019 Individual Due Dates
What Are My Chances of Being Audited and How Can I Reduce Them?
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, less than half a percent of … [Read more...] about What Are My Chances of Being Audited and How Can I Reduce Them?
Get Those Kids a Job, and Take Advantage of Tax Breaks
Article Highlights Higher Standard DeductionIRA OptionsSelf-Employed ParentEmploying Your ChildTax 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 of 24. The kiddie tax originated many … [Read more...] about Get Those Kids a Job, and Take Advantage of Tax Breaks
Does Your Tax ID Number Need to be Renewed?
Article Highlights: Expiring ITINsIRS Currently Accepting Renewal ApplicationsFamily Renewal OptionsHow 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 obligations under … [Read more...] about Does Your Tax ID Number Need to be Renewed?
Facing a Huge Gain from a Realty Sale?
Article Highlights: Adjusted BasisPassive Loss CarryoversInstallment SaleTax-Deferred ExchangeTax on Net Investment IncomeQualified Opportunity FundHome 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 … [Read more...] about Facing a Huge Gain from a Realty Sale?