If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 from $2,135 in the prior year. In addition, the number…
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Beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply.
The elimination of this penalty as of 2019 does not impact…
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As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each…
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The IRS recently announced that the tax credit for purchasing the popular Tesla is being phased out and that the credit will drop to $3,750 after December 31, 2018, and will drop again to $1,875 after June 30, 2019. Then, the credit will no…
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If you use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or more for the year, you are required to issue the service provider and the IRS a Form…
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The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the…
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If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, you may have questions about how rental income is taxed for a part-time vacation-home rental.
The applicable rental rules…
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Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals…
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A new year is nothing if not a new opportunity – and one that it would be an absolute shame not to take full advantage of. Every January, people make countless New Year’s resolutions. Some want to lose weight; others want to become more…
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Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing…
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Disappointed in Your Tax Refund?
TaxesRelief from the Affordable Care Act Penalty for Not Being Insured
Tax Reform, TaxesTax Reform Has Substantially Altered the Tax Benefits of Home Ownership
Real Estate, Tax ReformSome Electric Vehicle Credits Are Phasing Out!
2018 Tax LawsFiling a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?
2018 Tax Laws, Real EstateIncreased Business-Vehicle Deductions Due to Tax Reform
BusinessVacation Home Rentals: How the Income Is Taxed
Real EstateIRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
2018 Tax Laws, TaxesHere’s How to Use 2019 as a Chance to Save More Money Than Ever in the Long Run
Retirement, SavingsReasons Why Your Small Business Needs an Employee Identification Number
Business, Business Development