by ABIP | Feb 28, 2020 | News
It’s Not Too Late to Make an IRA Contribution If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either...
by ABIP | Feb 4, 2020 | News
Tax Filing Season Begins January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the...
by ABIP | Feb 3, 2020 | News
Tax Extenders, Retirement Plan Changes, and Repeals The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for businesses and individuals through 2020. It also included several retirement...
by ABIP | Feb 2, 2020 | News
2020 Tax Withholding: the new Form W-4 Form W-4, Employee’s Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee’s marital status and withholding allowances or tied to the value of the personal...
by ABIP | Feb 1, 2020 | News
ACA Reporting Requirements for Employers The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to Applicable Large Employers (ALE). These are the employer shared responsibility provisions and the employer...
by ABIP | Jan 9, 2020 | News
Important Tax Changes for Individuals and Businesses Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of...
by ABIP | Jan 7, 2020 | News
What’s New for the 2020 Tax Filing Season While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. New, Revised or Updated Tax Forms Form 1040: Revised and Redesigned The IRS...
by ABIP | Jan 6, 2020 | News
Tax Breaks for Taxpayers Who Itemize Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home,...
by ABIP | Jan 3, 2020 | News
Tax Planning Includes Keeping Good Records It’s January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes...
by ABIP | Dec 19, 2019 | News
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies. For example, are you thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office...
