Tax Filing Season Begins

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 2019 tax year, here’s what individual taxpayers can expect: Another New Design for…

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Tax Extenders, Retirement Plan Changes, and Repeals

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 It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know: Individual Tax Extenders…

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2020 Tax Withholding: the new Form W-4

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 exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker’s expected…

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ACA Reporting Requirements for Employers

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 information reporting provisions for offers of minimum essential coverage. The size and structure of a workforce…

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What’s New for the 2020 Tax Filing Season

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 released a draft Form 1040 for 2019 tax…

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Tax Breaks for Taxpayers Who Itemize

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, or had extensive gambling losses, you may be able to take advantage…

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Tax Planning Includes Keeping Good Records

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 you, chances are, you’re wishing you’d kept on top of it during the year so…

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What lenders look for in a succession plan

Your lender may not be top of mind as you create a succession plan, but it’s a pertinent party. One key issue that lenders want a succession plan to address is, simply, who’s your successor? Follow a thoughtful process to choosing the right person then set a timeframe for the transfer of control and ownership,…

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The tax implications if your business engages in environmental cleanup

If your company needs to “remediate” or clean up environmental contamination, the expenses involved can be tax deductible. Unfortunately, every type of environmental cleanup expense cannot be currently deducted. Some cleanup costs must be capitalized. For example, remediation costs generally have to be capitalized if the remediation adds significantly to the value of the cleaned-up…

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