Along with a new year comes new payroll rules. Here are five highlights: 1. Significant revisions have been made to Form W-4. The IRS redesigned Form W-4,…Read More
Archive for the ‘Tax’ Category
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Do Your Employees Receive Tips? You May Be Eligible for a Tax Credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social…Read More
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Deducting Medical Expenses for 2019 and Beyond
Under current tax law, medical expenses can be deducted as an itemized deduction on your federal income tax return only to the extent that they exceed 7.5%…Read More
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10 Tax Elections to Save Money on Your 2019 Return
2020 is a presidential election year. You’ll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other…Read More
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Congress Approves New Disaster-Area Tax Relief
A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the…Read More
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Tax Friendly Ways to Make Charitable Contributions
The 2018 tax reform almost doubled the standard deduction. Even if you don’t itemize, there are still tax friendly ways to make charitable contributions.Read More
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Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per…Read More
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Numerous Tax Limits Affecting Businesses Have Increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to…Read More
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Stretch IRAs Lose Potency under the SECURE Act
The Setting Every Community Up for Retirement Enhancement (SECURE) Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new…Read More
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Important Tax Figures for 2020
The following table provides some important federal tax information for 2020, as compared with 2019. Some of the dollar amounts are unchanged and some changed only slightly…Read More