This week we spoke to Kathy, one of our Real Estate Agent clients about what deductions she can use to minimize her tax liability. Business Insurance, Vehicle Deductions and Business Meals can be some of the larger deductions allowed. Below is a summary. Business Insurance It is vital that you are keep track of any …
Recently we spoke to a client who would like to help her daughter out with a down payment for a new home. When the words “Gift Tax” came up in the conversation, you could hear the fear of more taxation in her voice. No need to fear.
IR-2020-59, March 25, 2020WASHINGTON — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.“The IRS is taking extraordinary steps to help the people of …
Tax problems often arise for many people, but fortunately, there are solutions available for every tax problem. If you owe the IRS over $10,000 and cannot pay your balance in full, contact Joseph Rosio at Plano Tax Prep to discuss which one of these options is right for you and your family. Tax Solutions …
Filing personal taxes in community property states as Married Filing Separately (MFS) can be complicated. Certain states have laws about community property defining how they expect MFS couples to share, or allocate income. These states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Separate… but Equal In separate property states, the computations …
If you are considered an independent contractor, you will get a 1099-MISC form from the company you provided services for – so long as the payments were at least $600 for the prior year. For many independent contractors, this means filling out a Schedule C, which tallies up the income earned and any deductible expenses. …
Did You Receive A 1099-MISC But Aren’t Self-Employed? Read More »
If you are an independent contractor or W-2 employee who uses your personal auto for business and you are NOT reimbursed by your employer (uncommon), you can deduct business mileage at the rate of 54 cents per mile on 2016 on your tax return. That’s right! If you use your vehicle for business purposes, you …
The official tax season has passed, but the year is really just getting started. 2016 brings us so many activities to look forward to like the summer Olympics and the much-talked-about presidential election. Although the available candidates are dwindling down, the race for the White House is still heating up. Candidates are hitting the campaign …
Presidential Campaign Contributions: Are They Tax Deductible? Read More »
Any day after April 15th is ideally a great time to begin prep for next year’s personal tax returns. Doing so will help you cut down on the work and time required to complete your taxes in 2017. Here are a few simple steps you can complete this year to make next year’s taxes process …
