Article Highlights: Employee GiftsGifts of College TuitionCollege Student SuppliesElectric Car CreditWork EquipmentSolar Electric CreditCharitable Gifts Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples: Employee Gifts – It is common practice this time of year for … [Read more...] about Holiday Gifting with a Tax Twist
Tax Changes For 2019
Article Highlights: Medical Threshold Electric Vehicle Credit PhaseoutAlimonyFinalization of State- and Local-Tax Deduction LimitationPenalty for Not Being InsuredQualified Opportunity FundsSeniors’ Special Tax FormFamily and Medical Leave CreditInflation AdjustmentsForm W-4 Revision As the end of the year approaches, now is a good time to review the various changes that … [Read more...] about Tax Changes For 2019
November 2019 Individual Due Dates
November 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 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 … [Read more...] about November 2019 Individual Due Dates
Deducting the Costs of Modifications for Senior-Proofing a Home
Article Highlights Improvements for Medical Care or TreatmentImprovements That Increase the Home’s ValueImprovements That Do Not Increase the Home’s ValueMedical AGI Limitations While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social … [Read more...] about Deducting the Costs of Modifications for Senior-Proofing a Home
Employer-Offered Benefits That Can Save You Money and Taxes
Article Highlights: Health InsuranceRetirement PlansQualified Transportation Fringe BenefitsFlexible Spending Accounts (FSAs)Group Term Life InsuranceQualified Employee DiscountsEmployer-Provided Education AssistanceAdoption ExpensesChild and Dependent Care BenefitsHealth Savings Accounts Tax law includes a number of tax- and financiallyfavored benefits that employers … [Read more...] about Employer-Offered Benefits That Can Save You Money and Taxes