The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here's what you need to know:
Topics: Business Ownership, Personal Finance, Taxes, Retirement, Tax Return, Tax Preparation
Are you taking care of an elderly parent or relative? Whether it's driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.
Topics: Taxes, Tax Credit
The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage.
Topics: Business Ownership, Taxes, Tax Credit, Small Business, Tax Return
January 27, 2020, marked the start of this year's tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here's what individual taxpayers can expect:
Topics: Taxes, Tax Return, Tax Preparation
If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble, then these steps will help you to avoid financial ruin in the future.
Topics: Personal Finance, Debt
Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.
Topics: Personal Finance, Taxes, Retirement, Managing Your Tax Liability, Tax Deduction, Tax Credit, Tax Return, Tax Planning, HSA, Tax Reform
Here's what business owners need to know about tax changes for 2019.
Topics: Business Ownership, Taxes, Small Business
As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019.
Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Credit
Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS.
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them:
Topics: Business Ownership, Taxes, Managing Your Tax Liability, Small Business, Tax Return, Tax Planning, Business Expenses
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