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Getting the W-4 Right Is Important - Article Highlights: W-4 Complications  Working Spouse  Adjusting Refund  Other Income and Tax Issues  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 an employee’s paycheck. So, it is very important that the form be completed correctly. The problem is that as si...
Getting the W-4 Right Is Important
Getting the W-4 Right Is Important
blog.claruspartners.com
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Tax Time Is Around the Corner! Are You Ready? - Article Highlights: Time to gather your information for your tax appointment  New for 2018  Choosing your alternatives  Tips for pulling your information together  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 your tax records throughout the year. N...
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Don't Be a Victim of Cybercrooks - Article Highlights: What They Are After  Email Attachments or Links  Emails from the IRS  Detecting Phony Email Addresses  Embedded Hyperlinks  Security Software  Strong Passwords  IRS Phone Calls  Educate the Elderly  Too Good to Be True  Well, here it is: 2019. The holiday season is over, and the season for preparing tax returns is about to begin. But unfortunately, it is also the season for scammers who are out to steal your identity, swindle you out of...
Don't Be a Victim of Cybercrooks
Don't Be a Victim of Cybercrooks
blog.claruspartners.com
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Some Electric Vehicle Credits Are Phasing Out! - Article Highlights: How the Credit Amount Is Determined  Manufacturer Phaseouts  Credit for Specific Vehicles  Allocation between Business and Personal Use  Non-refundable Limitations  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 longer be available ...
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Attention S Corp Business Owners! Are You Paying Yourself a Reasonable Salary? - S Corporations have very specific requirements when it comes to taxation and compensation. This has led many of those responsible for payroll and bookkeeping at S corporations to make the mistake of failing to provide those shareholders with W-2 wages.
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January 2019 Individual Due Dates - January 2 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded.January 10 - Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 10.January 15 -...
January 2019 Individual Due Dates
January 2019 Individual Due Dates
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Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025? - Article Highlights: Annual Gift Exclusion  Unified Gift-Estate Exclusion  Tax Reform’s Temporary Exclusion Increase  Taxpayer-Friendly Regulations Individuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the inflation-adjusted annu...
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2019 Standard Mileage Rates Announced - Article Highlights: Standard Mileage Rates for 2019  Business, Charitable, Medical and Moving Rates  Important Considerations for 2019  Switching between the Actual Expense and Standard Mileage Rate Methods  Employer Reimbursements  Employee Deductions Suspended  Special Allowances for SUVs  The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the stan...
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The 1099-MISC Filing Date Is Just Around the Corner - Are You Ready? - Article Highlights: Independent Contractors  Non-employee Compensation  1099 Filing Requirement  Due Dates  Penalties  Form W-9 and 1099 Worksheet  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 a Form 1099-MISC to avoid pena...
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Last-Minute Tax Strategies - Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Conversions to Roth IRAs Don't Forget Your 2018 Minimum Required Distribution Advance Charitable Deductions Utilize IRA-to-Charity Transfers Maximize Tax-Deductible Medical Expenses Don't Waste the 2018 Annual Gift Tax Exemption Take Steps to Avoid Underpayment Penalties Prepay State and Local Taxes for 2018 Defer Capital Ga...
Last-Minute Tax Strategies
Last-Minute Tax Strategies
blog.claruspartners.com
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