News

Tax Due Dates for January 2020 During January All employers – Give your employees their copies of Form W-2 for 2019 by January 31, 2020. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting...

Setting up Sales Tax in QuickBooks, Part 2 Last month, the focus was on the process of setting up sales taxes in QuickBooks. As you may recall, the first step is to go to Edit | Preferences | Sales Tax and make sure the software is set up correctly for this...

Retirement Contributions Limits Announced for 2020 Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift...

Deferred Tax on Gains From Forced Sales of Livestock Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand...

Employer Benefits of Using the EFTPS Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations – whether they prepare and submit payroll taxes themselves or hire an outside payroll service...

Take Retirement Plan Distributions by December 31 Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year....

Updated Rules: Deductible Business & Other Expenses Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain deductible expenses resulting...

Tax Benefits of Health Savings Accounts While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest...

Tax Breaks for Business: Charitable Giving Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1. Verify...

Business Tax Provisions: The Year in Review Here’s what business owners need to know about tax changes for 2019. Standard Mileage RatesThe standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small BusinessesSmall business employers who pay at least half the...

Individual Taxpayers: Recap for 2019 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. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing...

Tax Due Dates for December 2019 December 10 Employees who work for tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 16 Corporations – Deposit the fourth installment of estimated income tax for 2019. A worksheet, Form...