Author: Erica Palmisano, EA

2020 Tax Deadlines Move from April to July

Posted on | by Erica Palmisano, EA | Leave a Comment on 2020 Tax Deadlines Move from April to July

Tax deadline announcements move tax filing and payments from April 15th to July 15th, per U.S. Treasury Secretary Steven Mnuchin. These announcements were made on Tuesday, March 17, 2020, and Friday, March 20, 2020, with payment and penalty delays confirmed by an IRS notice. Here is what you need to know While the filing deadline for individual income tax returns, Form 1040, is April 15, 2020, per IRS notice 2020-17, published this Wednesday, the Treasury

Read More

Gusto Payroll/HR Services

Posted on | by Erica Palmisano, EA | Leave a Comment on Gusto Payroll/HR Services

Gusto is a company that provides a cloud-based payroll, benefits, and human resource management software for businesses. Gusto will handle payments to employees and contractors and every time you run payroll they will calculate your taxes and file them with the right government agencies. As part of the core payroll product, Gusto offers employee onboarding (work authorization forms, direct deposit forms, employee information aggregation). Separately, Gusto offers employee health insurance, dental insurance, and vision insurance

Read More

Don’t let a divorce be more taxing than necessary

Posted on | by Erica Palmisano, EA | Leave a Comment on Don’t let a divorce be more taxing than necessary

If you’re going through a divorce, taxes may be the last thing on your mind. But divorce involves many potential tax traps and pitfalls. Here are some things to know. Alimony and child support. Through 2018, alimony is taxable income to the person who receives it and deductible by the person who pays it, as long as it meets certain specific tax requirements. Child support is neither taxable nor deductible. A divorce agreement should clearly spell

Read More

2019 Tax Due Dates

Posted on | by Erica Palmisano, EA

[vc_row][vc_column][dt_sc_accordion][dt_sc_accordion_tab title=”January”][vc_column_text] Day 10 Employees Who Work for Tips – If you received $20 or more in tips during December, report them to your employer. You can use Form 4070. 15 Individuals – Make a payment of your estimated tax for 2018 if you didn’t pay your income tax for the year through withholding (or didn’t pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2018 estimated tax

Read More

IRS Withholding Calculator

Posted on | by Erica Palmisano, EA | Leave a Comment on IRS Withholding Calculator

[vc_row][vc_column][vc_column_text]When was the last time you did a quick “paycheck checkup”? The IRS Withholding Calculator allows you to do just that. It will help you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work. Why Should I Check My Withholding? No-one wants an unexpected tax bill at tax time next year! Use the withholding calculator to make sure you’re not having too little tax

Read More

2018 Tax Rates & Mileage Rates

Posted on | by Erica Palmisano, EA | Leave a Comment on 2018 Tax Rates & Mileage Rates

[vc_row][vc_column][vc_custom_heading text=”Tax Brackets and Rates, 2018″ use_theme_fonts=”yes”][vc_column_text] Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable Income Over For Heads of Households, Taxable Income Over 10% $0 $0 $0 12% $9,525 $19,050 $13,600 22% $38,700 $77,400 $51,800 24% $82,500 $165,000 $82,500 32% $157,500 $315,000 $157,500 35% $200,000 $400,000 $200,000 37% $500,000 $600,000 $500,000 [/vc_column_text][vc_custom_heading text=”2018 Standard Deduction and Personal Exemption” use_theme_fonts=”yes”][vc_column_text] Filing Status Deduction Amount Single $12,000 Married Filing Jointly

Read More

How Long Should I Keep Tax Records?

Posted on | by Erica Palmisano, EA | Leave a Comment on How Long Should I Keep Tax Records?

[vc_row][vc_column][vc_column_text]You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can assess additional

Read More

2017 Tax Rates & Mileage Rates

Posted on | by Erica Palmisano, EA | Leave a Comment on 2017 Tax Rates & Mileage Rates

[vc_row][vc_column][vc_custom_heading text=”Single Taxable Income Tax Brackets and Rates, 2017″ use_theme_fonts=”yes”][vc_row_inner][vc_column_inner][vc_column_text] Rate Taxable Income Bracket Tax Owed 10% $0 to $9,325 10% of Taxable Income 15% $9,325 to $37,950 $932.50 plus 15% of the excess over $9,325 25% $37,950 to $91,900 $5,226.25 plus 25% of the excess over $37,950 28% $91,900 to $191,650 $18,713.75 plus 28% of the excess over $91,900 33% $191,650 to $416,700 $46,643.75 plus 33% of the excess over $191,650 35% $416,700 to

Read More