Taxpayers who receive certain types of income may need to have backup withholding taken from these payments. Backup withholding can apply to most payments reported on Forms 1099 and W-2G. Here are some facts to help taxpayers understand backup withholding and determine if they should have it withheld from their income payments. First, here’s what backup [...]
This video was published by the IRS. Thieves are working 24/7 to steal your identity. Here are some quick and easy steps you can take to protect yourself online: Use security software for computers and mobile phones and set it to update automatically. Use strong and unique passwords for all accounts. Use two-factor authentication whenever [...]
The following article was published by the IRS. Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file their 2019 tax returns next year. Here [...]
Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For 2019, here are the standard mileage rates for calculating the deductible costs [...]
The holidays might be just around the corner, but tax day isn't as far off as you may think. Now is the time you should be doing some planning to make next April a little smoother. The sooner you get started, the better off you will be. The tax laws have definitely changed, but there [...]
