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Taylor Bennett

Taylor Bennett

Recent Posts

Reporting Tip Income: The Basics

Posted by Taylor Bennett on Mar 25, 2020 8:17:00 AM

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:

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Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Preparation

Six Facts About Form 1040-SR

Posted by Taylor Bennett on Mar 5, 2020 8:17:00 AM

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know:

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Topics: Taxes, Tax Return, Tax Preparation

Figuring out Your Correct Filing Status

Posted by Taylor Bennett on Mar 3, 2020 8:03:00 AM

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return.

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Topics: Taxes, Tax Preparation

Standard Mileage Rates for 2020

Posted by Taylor Bennett on Jan 21, 2020 8:21:00 AM
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Topics: Taxes, Tax Deduction

Watch Out for Gift Card Scams

Posted by Taylor Bennett on Jan 16, 2020 8:26:00 AM
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Topics: Taxes, Tax Scam

Tax Planning Includes Keeping Good Records

Posted by Taylor Bennett on Jan 8, 2020 8:21:00 AM
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Topics: Taxes, Record Keeping, Tax Planning

Recordkeeping Tips for Small Business Owners

Posted by Taylor Bennett on Dec 12, 2019 8:18:00 AM
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Topics: Business Ownership, Record Keeping, Small Business

Retirement Contributions Limits Announced for 2020

Posted by Taylor Bennett on Dec 6, 2019 8:44:00 AM
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Topics: Personal Finance, Retirement

Credit for Plug-in Electric Vehicles Winds Down

Posted by Taylor Bennett on Nov 27, 2019 8:14:00 AM
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Topics: Personal Finance, Taxes, Tax Credit

New Twist on the Social Security Number (SSN) Scam

Posted by Taylor Bennett on Nov 18, 2019 8:12:00 AM
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Topics: Taxes, Tax Scam