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What to Do If You Are Missing Important Tax Forms If you are ready to file your taxes but are missing important tax forms here’s what you should do: Form W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing...

Tax Due Dates for March 2020 March 2 Farmers and Fishermen – File your 2019 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020. Health Coverage Reporting – If you are...

Start 2020 Right: Get into the Report Habit Whether or not you made New Year’s resolutions, for many business owners, the beginning of a new year means a fresh start – including incorporating new habits that help improve your company’s financial bottom line such as committing to using the...

Tips for Taxpayers Who Make Money From a Hobby Many people enjoy hobbies that are also a source of income. From soap making to pottery and jewelry making to calligraphy, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report...

Figuring out Your Correct Filing Status 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...

Student Loans: Cancellation of Debt Relief Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that...

Six Facts About Form 1040-SR 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 tax form for seniors. Here are six facts you should know: 1. Form...

Do You Need to File a 2019 Tax Return? Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should...

Claiming an Elderly Parent or Relative as a Dependent 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...

ACA Reporting Requirements for Employers The health care law contains tax provisions that affect employers and it is the size and structure of a workforce that determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close...

2020 Tax Withholding: the new Form W-4 Form W-4, Employee’s Withholding Certificate has been redesigned for 2020. Previously, income tax withholding was based on an employee’s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally...

Tax Extenders, Retirement Plan Changes, and Repeals In addition to averting a government shutdown, 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...