Source: IRS.gov: https://www.irs.gov/newsroom/nine-common-filing-errors-to-avoid
Errors can slow down the processing of your return and potentially delay your refund. So, before you hit send or seal the envelope to file your 2019 tax return, make sure your return is IRS-ready. According to the IRS, these are some of the common errors people make when filing their tax returns.
Social Security number errors
Did you remember to include your Social Security number on your return, and does it match the information on your Social Security card? Missing or incorrect numbers are common issues on many taxpayers’ …
JANUARY 8, 2020 • JEREMIAH BARLOW
The SECURE Act went into effect on January 1, 2020 and brings significant changes for retirement and other financial planning. Here are the notable provisions and takeaways from the SECURE Act that you need to know.
Age Limit Removed For IRA Contributions: There is no longer an age cap on contributions to a traditional IRA. Traditional IRAs will now be aligned with Roth IRAs. Before the SECURE Act, there was an age cap for contributing to a traditional IRA of age 70 ½. Individuals who continue …
Written by Kazim Qasim | Posted in Tax Savings Strategies
As a business owner, you know first-hand that taxes can take a big chunk out of your pocket. No matter how small your business is or how large you grow, you’ll always be on the hook for some kind of taxes. However, the tax code is such that there is always room for strategic tax savings as long as you operate within the laws. Your CPA is the best source of tax-saving strategies, but it can help if you present some …
Selena Maranjian (TMFSelena)
A little time spent learning about taxes can save
you hundreds — or even thousands — of dollars.
Don’t look now, but tax season is getting closer. It’s not
something most of us enjoy thinking about or dealing with
— indeed, 16% of respondents to an AARP survey said
they’d rather spend a night at the airport than prepare their
taxes, while 36% would just as soon visit the DMV.
If you approach tax season prepared, though, and you’re
able to shrink your tax bill via some savvy moves, then
maybe it won’t be so bad. Here …
By Michael D. Koppel, CPA (Retired)/PFS/CITP, MBA, Gray, Gray, & Gray LLP, Canton, Mass.
It is not unusual to read news stories about companies being sued for classifying workers as independent contractors when they claim to be employees. Being designated an employee can have a profound effect on everything from overtime pay to fringe benefits to, of course, taxes. Numerous articles have been written about the advantages and disadvantages for both the worker and the business of how an individual is classified. The present focus is what criteria are to be …