Archive

26Dec2018

The 1099-MISC Filing Date is Just Around the Corner – Are You Ready?

  Article Highlights:  Independent Contractors Non-employee Compensation 1099 Filing Requirement Due Dates Penalties Form W-9 and 1099 Worksheet If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then

21Dec2018

2019 Standard Mileage Rates Announced

  Highlights: Standard Mileage Rates for 2019 Business, Charitable, Medical and Moving Rates Important Considerations for 2019 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number

17Dec2018

Wonder What a Tax Deduction is Worth?

  Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Business deductions Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed

13Dec2018

When to Claim a Disaster Loss

  Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially

10Dec2018

If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know

    Article Highlights: Winnings W-2G Reporting Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B and D Premiums Online Gambling Accounts   Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for