If you haven\’t contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you\’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions. Be sure to tell […]
It\’s Not Too Late to Make an IRA Contribution Read More »
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because
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Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment, interest, dividends and other taxable
Are Social Security Benefits Taxable? Read More »
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 your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes
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Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return. Generally, if someone has
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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. Single, married, divorced? Kids or no kids? These are just
Figuring out Your Correct Filing Status Read More »
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 would otherwise be required to file information returns and furnish payee statements
Student Loans: Cancellation of Debt Relief Read More »
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: 1. Form 1040-SR is designed with larger font size (i.e., \”large print\”)
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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 help you determine whether you\’re one of them. General Filing Rules Whether you need to
Do You Need to File a 2019 Tax Return? Read More »
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. Fortunately,
Claiming an Elderly Parent or Relative as a Dependent Read More »
