Tax Tips Home (2)
Individual Retirement Arrangements (IRA): Terms To Know
Posted by Scott Farnes on Nov 25, 2020 7:59:00 AM
While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to the workforce who may not understand how IRAs help them save for retirement. With this in mind, here is a list of basic terms to help people better understand their IRA options:
Topics: Personal Finance, IRA, Retirement
Tax-Related Items To Keep in Mind When Disaster Strikes
Unfortunately, disaster can strike at any time. If you've been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes:
Topics: Personal Finance, Taxes
Seasonal Employees and the Healthcare Law
Topics: Business Ownership, Small Business, Seasonal Employee, Seasonal Worker
Tips for Taxpayers: Backup Withholding
Posted by Missy Dennis on Nov 5, 2020 8:05:00 AM
Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding:
Topics: Personal Finance, Taxes, Tax Return
Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.
Topics: Business Ownership, Tax Deduction
Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Let's take a look at several key points that taxpayers should know about reporting cash transactions.
Topics: Business Ownership, Taxes
Under the Affordable Care Act, certain employers - known as applicable large employers - are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees.
Topics: Business Ownership, Business Expenses
Posted by Missy Dennis on Oct 7, 2020 8:10:00 AM
People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed as soon as possible to avoid unnecessary delays related to tax refunds next year.
Topics: Taxes, Tax Return, Tax Preparation, ITIN
Electronic Signatures Temporarily Allowed for Certain Forms
Posted by Scott Farnes on Oct 1, 2020 8:16:00 AM
The use of digital, or electronic signatures, on certain forms that cannot be filed electronically will now be temporarily allowed. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing in-person contact between taxpayers and tax professionals.
Topics: Taxes, Tax Return
IRS Form 1040-X Now Available for E-Filing
Posted by Missy Dennis on Sep 29, 2020 8:04:00 AM
Form 1040-X has been one of the last major individual tax forms that still needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial tax-filing software.