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      tax-tip-tuesday

      Are Social Security Benefits Taxable?

      Tax-Tip Tuesday, Tax Benefits, Social Security, 2019, Taxable Social Security Benefits

      Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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      4 Tax Deductions that Disappeared in 2018

      Deductions, New Tax Laws, Tax-Tip Tuesday, Disappearing Deductions

      Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you.

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      Deadline for Retirement Distributions - April 1st

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Retirement Distributions, Deadline

      In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019.

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      5 Frequently Asked Tax Questions in 2019

      Tax-Tip Tuesday, 2019, Tax Filing, Tax Questions

      In 2019, Americans around the world began filing their taxes under the new Tax Cuts and Jobs Act.   Some tax breaks have been eliminated or capped, while others have been expanded or introduced.

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      Avoiding the Penalty on Early Distributions

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Avoiding Penalty on Early Distributions, Distributions, Penalty Relief

      Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employer-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2?

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      Penalty Relief for Withholding: Estimated Tax Shortfalls

      Tax-Tip Tuesday, 2019, Tax Consequences, 2018 Tax Return, Penalty Relief for Withholding, Estimated Tax Shortfalls

      The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch:

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      Who Should File a 2018 Tax Return?

      Tax-Tip Tuesday, 2018 Tax Return, Who should file

      Most people file a tax return because they have to, but even if you don't, there are times when you should--because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you're one of them.

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      Standard Mileage Rates for 2019

      Tax-Tip Tuesday, 2019, Standard Mileage Rates

      Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:

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      Tax Consequences of Losing your Job

      Taxes, Tax-Tip Tuesday, 2019, Losing Your Job, Tax Consequences

      If you've lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

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      6 Great Tax Tips for Older Americans

      Tax-Tip Tuesday, Seniors

      Everyone wants to save money on their taxes, and older Americans are no exception. If you're age 50 or older, here are six tax tips that could help you do just that.

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      ALERT: Retirement Contributions Limits Announced for 2019

      Retirement Planning, New Tax Laws, Tax-Tip Tuesday, Retirement Saving

      Dollar limitations for pension plans and other retirement-related items for 2019 are as follows:

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      ALERT: Take Retirement Plan Distributions by December 31

      Retirement Planning, Tax-Tip Tuesday, 2018 Alert

      Taxpayers born before July 1, 1948, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31.

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      5 Facts to Help Business Better Understand New Depreciation Deduction Benefits

      Tax-Tip Tuesday

      Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better understand this deduction:

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      8 Great Tax Breaks for Parents

      Tax Breaks, Tax Preparation, Tax-Tip Tuesday, Children, Parents

      If you have children, you may be able to reduce your tax bill using these tax credits and deductions.

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      Tax Benefits of Health Savings Accounts

      Tax-Saving Strategies, Tax-Tip Tuesday, HSAs

      While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions.

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      Making Tax Smart Loans to Family and Friends

      Loan, Tax-Saving Strategies, Tax-Tip Tuesday

      Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

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      Social Security Administration Recently Announced an Increase in Benefits in 2019

      Tax-Tip Tuesday, Social Security

      Social Security Administration recently announced a 2.8 percent increase in benefits in 2019. This increase in benefits will impact 63 million beneficiaries and is the largest annual cost-of-living adjustment since 2012.   Impacted by this change are retirees, disabled workers, their eligible dependents and surviving family members.

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      Avoiding An Unexpected Tax Bill

      Tax-Tip Tuesday, Avoiding Tax Bill

      Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation.

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      October 1 Deadline for Establishing SIMPLE IRA Plans

      SIMPLE IRA Plans, Tax-Tip Tuesday

      Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match Plan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to know.

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      9 Retirement Savings Tips

      Early Retirement, Retirement Planning, Tax-Tip Tuesday, Retirement Saving

      Though it's never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains--that's the power of compounding--and the best way to accumulate wealth.

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      Tax Consequences of Crowdfunding

      Tax-Tip Tuesday, Crowdfunding

      Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it's often possible to raise the cash you need but the downside is that the IRS considers that money taxable income. Tax preparation for small businesses is important, so here's what you need to know.
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      Tips for Teenage Taxpayers Starting a Summer Job

      Self-Employed, Tax Preparation, Tax-Tip Tuesday

      Many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:  

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