While taxes are normally due April 15th, this year Congress extended the filing deadline to July 15th. Today, July 15th, is the deadline to file your 2019 Form 1040 tax return, unless you’ve filed an extension to October 15th. Here some tips for tax day and a little tax day history. The April 15th deadline … Read more
33 temporary tax breaks (referred to as “tax extenders”) have been set to expire in 2020. 6 of them are related to individual income taxes. Cancelled mortgage debt Cancelled debt is typically included as income. But an exception had been made for cancelled mortgage debt under the Mortgage Forgiveness Debt Relief Act of 2007. Beginning … Read more
Generally For 2019 tax returns, you’re required to file as follows based on your filing status: IF your filing status is… AND at the end of 2019 you were… THEN file a return if your gross income was at least… single under 65 $12,200 65 or older $13,850 head of household under 65 $18,350 65 … Read more
The Internal Revenue Service announced today an agreement with Free File, Inc. (FFI) designed to bring more clarity for taxpayers choosing to use free online software during the 2020 filing season. The agreement reached will help make the Free File program more taxpayer-friendly while strengthening consumer protections in several key areas. What is the Free … Read more
Farmers who have sustained losses over many years should be aware of the IRS’ hobby loss rules which limit farm loss tax deductions. Hobby losses are one of the most frequently litigated issues in tax. In order to deduct a loss from a business activity, the taxpayer must be able to demonstrate that the activity … Read more
Cloverdell ESAs and 529 Plans are great ways to save for college. The investments can grow tax-free in stocks, mutual funds, bonds, and variety of investment vehicles. However, these savings plans may impact financial aid and needs-based scholarship eligibility. Therefore, most financial advisors recommend that parents max out their 401k and IRA contributions before contributing … Read more
The whistleblower program is one of the weapons used by the IRS to detect underpayments of tax and violations of the internal revenue laws. The program is based on the principle “if you know something, say something.” The statute provides that if the IRS institutes an administrative or judicial action against a taxpayer and collects … Read more
As Dorian threatens and with the peak of hurricane season just ahead, the Internal Revenue Service posted a reminder to everyone to develop an emergency preparedness plan. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. Taxpayers can begin getting ready for a disaster with a preparedness … Read more
What is bookkeeping? Bookkeeping refers to the process of recording monetary transactions. This record-keeping process is usually done by a bookkeeper and the information is then input on a tax return by an accountant. Although online accounting software options now widely available, many small businesses still rely on “shoe box” record accounting. Before modern boookkeeping … Read more
As of March 2019, U.S. student loan debt amounted to $1.6 trillion in federal and private student loan debt.
On July 11, 2019 the President of the American Federation of Teachers, AFL-CIO filed a lawsuit against the U.S. Department of Education (ED) for gross mismanagement of the Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (EPSLF) programs.