September 1 - 2019 Fall and 2020 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to … [Read more...] about September 2019 Individual Due Dates
See the US Tax System Illustrated in One Complex Map
Not sure whether it’s worth your while to hire a tax professional to do your taxes? Thinking that maybe this year you’ll take a run at it yourself? You may want to think again after taking a look at a new graphic released by the Taxpayer Advocate Service (TAS). The organization, which is dedicated to helping taxpayers resolve tax problems, Puts out a map every year that’s … [Read more...] about See the US Tax System Illustrated in One Complex Map
Earn Tax-Free Income from Working Abroad
Article Highlights: Tax-Free Income from Working AbroadForeign Earned Income and Housing ExclusionsForeign Self-Employment IncomeClaiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether they live inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad … [Read more...] about Earn Tax-Free Income from Working Abroad
Tax Ramifications of Disposing of a Vehicle
Article Highlights: Trading in a VehicleSelling a VehicleGifting a VehicleDonating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include trading the car in with the dealer, selling it to a third party, … [Read more...] about Tax Ramifications of Disposing of a Vehicle
Receiving Tips Can Be Taxing
Article Highlights: Collecting TipsTip SplittingService ChargesRecord KeepingEmployer Reporting Allocated Tips Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and … [Read more...] about Receiving Tips Can Be Taxing