Article Highlights: Independent ContractorsNon-employee Compensation1099 Filing RequirementDue DatesPenaltiesForm W-9 and 1099 Worksheet If your business engages the services of an individual (independent contractor), other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to … [Read more...] about The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?
Article Highlights: Discharge of Qualified Principal Residence IndebtednessMortgage Insurance PremiumsAbove-the-Line Deduction for Qualified Tuition and Related ExpensesMedical AGI LimitsResidential Energy (Efficient) Property CreditEmployer Credit for Paid Family and Medical LeaveMaximum Age Limit for Traditional IRA ContributionsPenalty-Free Pension Withdrawals in Case of … [Read more...] about Congress Passes Last-Minute Tax Changes
December 2 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2019. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2019 should call for a tax planning consultation appointment. December 10 - Report Tips to Employer If … [Read more...] about December 2019 Individual Due Dates
Nobody likes getting mail from the IRS — especially when it's something you weren't expecting. One minute, you're minding your own business and aren't even thinking about that return you filed months ago. The next minute you open your mailbox and see something called a "Notice of Deficiency" — and your anxiety immediately goes through the roof. At this point, the most … [Read more...] about Did You Just Get an IRS Notice of Deficiency? Here’s What to Do Next
Article Highlights: ABLE AccountsDisabled Spouse or Dependent Care CreditMedical DeductionsHome ModificationsSpecial SchoolingNursing Services Individuals with disabilitiesas well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer … [Read more...] about Tax Benefits for People with Disabilities