Article Summary: Filing OptionsMarried Filing JointlyUnpleasant ConsequencesPleasant ConsequencesMarried Filing SeparatelyNotifying SSA, IRS, employersOther Issues to Consider A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for … [Read more...] about How to File Taxes After Saying “I Do”
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Small Business Owners May Qualify for a Home-Office Deduction
Article Highlights: QualificationsActual Expense MethodSimplified MethodHome Office Expenses for Renters vs. HomeownersHow Moving Affects the Home-Office DeductionOther IssuesGross Income Limitation “Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. One of the … [Read more...] about Small Business Owners May Qualify for a Home-Office Deduction
Looking Ahead to 2019 Taxes
Article Highlights: Solar CreditPlug-In Electric Vehicle CreditPenalty for Not Having Health InsuranceMedical Deduction RestrictionsNew Alimony RulesStandard Deduction IncreaseIncreased Retirement Contributions Federal Tax Brackets Increase You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to the changes that will impact … [Read more...] about Looking Ahead to 2019 Taxes
July 2019 Individual Due Dates
July 1 - Time for a Mid-Year Tax Check Up Time to review your 2019 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during June, you are required to report them to your employer on IRS … [Read more...] about July 2019 Individual Due Dates
What if you want to file your taxes but can’t afford to pay them?
It’s a common conundrum: You want to file your taxes on time, but you anticipate or already know that you will owe money you can’t afford to pay right now. As a result, you put off filing your tax return under the assumption that the IRS can only bill you if they receive your latest outstanding tax return that’s due. If you want to file your taxes right now, you … [Read more...] about What if you want to file your taxes but can’t afford to pay them?