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…

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. 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 determines…

Determining Which Products or Services are Most Profitable

Determining Which Products or Services are Most Profitable Your most profitable products are the tickets to success Most companies deal with more than one product or service. Inevitably, some products/services are more profitable than others—and you can’t make sound business decisions without knowing which is which. Understanding which products or services are most profitable, gives…

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…

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…

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…

Individual Taxpayers: Recap for 2019

Individual Taxpayers: Recap for 2019 As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in…

Business Tax Provisions: The Year in Review

Business Tax Provisions: The Year in Review Here’s what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health…