Disappointed in Your Tax Refund?

Disappointed in Your Tax Refund?

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…
Relief from the Affordable Care Act Penalty for Not Being Insured

Relief from the Affordable Care Act Penalty for Not Being Insured

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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…
IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes

IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes

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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…
Getting the W-4 Right Is Important

Getting the W-4 Right Is Important

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As they do at the beginning of every year, employers will be requesting employees to complete the IRS Form W-4. Its purpose is to provide employers with the information they need to determine the amount of federal income taxes to withhold from…
Short-Term Rental, Special Treatment

Short-Term Rental, Special Treatment

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With the advent of online sites such as Airbnb, VRBO, and HomeAway, many individuals have taken to renting out their first or second home through these online rental sites, which match property owners with prospective renters. If you are doing…
Tax Time Is Around the Corner

Tax Time Is Around the Corner! Are You Ready?

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Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficultly of this task depends upon how well you maintained…
Big Tax Changes for Divorce Decrees after 2018

Big Tax Changes for Divorce Decrees after 2018

Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that date to expressly…
A Mid-Year Tax Checkup May Be Appropriate

Do I Qualify for an IRS Offer in Compromise?

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If you're facing outstanding tax debt that you cannot pay, you may want to consider looking into an Offer in Compromise from the IRS. Specifically, an Offer in Compromise is an option offered from the IRS to qualifying individuals that allows…
The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready

The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?

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If  you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person…
Last-Minute Tax Strategies

Last-Minute Tax Strategies

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Just a reminder that the last day you may make a tax-deductible purchase, pay a tax-deductible expense, take advantage of tax credits, or make tax-deductible charitable contributions for 2018 is Dec. 31. Every taxpayer’s situation is unique,…