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

6 problems solved by life insurance

6 problems solved by Life Insurance. Life insurance is the only certain way for you to create “instant” capital. That capital can help you solve multiple personal and business problems. To understand how life insurance can, and should, be used, you must first focus on the problems. Once you have the problems identified the planning team will then match the products. Then the planner will attempt to formulate a strategy for you.  6 problems solved:

The Importance of Understanding IRA Beneficiary Selection

The Importance of Understanding IRA Beneficiary Selection. Anyone or anything can generally be the beneficiary of your retirement assets such as IRAs, 401(k)s and annuity contracts. It doesn’t have to be a relative and yes, you can name your dog or your alma mater! Choosing the proper beneficiaries is not always as simple as it seems and many people do not realize what the consequences can be. For example, an ailing client asked if he could

10 MISCONCEPTIONS ABOUT WILLS

Here are 10 misconceptions about wills… MISCONCEPTION #1: Probate costs are small.  Wrong!  Attorney’s fees for even a simple probate often reach $5,000 to $10,000. MISCONCEPTION #2: Your will and your assets remain private.  Not so!  Probate is a matter of public record which means your file is open to anyone. MISCONCEPTION #3: A will can be probated in just a few weeks.  No. Even simple probates often take ten months to two years. MISCONCEPTION

New Section 199A Qualified Business Income 20% Tax Cut

The owners of pass-through businesses like sole proprietors, partnerships, S corporations and some real estate investors may now qualify for a deduction equal to 20% of qualified business income (QBI). If you have $100,000 of QBI, for example, you potentially get up to a $20,000 deduction. This also applies to Schedule C sole-proprietors. The Section 199A QBI deduction gets limited in a couple of situations. Not every pass-through entity gets to use the Section 199A

October Tax Filing Deadlines

Just a reminder if you filed an extension for your 2019 tax return, time is almost up. The filing deadline to file your 2019 tax return is October 15th, 2019. There is no additional extension for your 2019 tax return. The deadline to establish a Simple IRA for self-employed or small businesses is October 1, 2019. If you are a current client or a new client, we must have all your tax documents in our

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

Qualified Charitable Deduction requirements

Take advantage of the Qualified Charitable Deduction (QCD) with your Required Minimum Distribution (RMD). The requirements for the Qualified Charitable deduction are as follows: The IRA owner must be at least age 70 ½ The maximum dollar amount is limited to $100,000 Only distributions from an individual IRA (including a rollover IRA) are eligible The distribution must go directly by check made specifically to a public charity. It cannot go to a private foundation, nor

IRS recommends to check your withholding’s

IRS recommends to check your withholding’s. It is a good idea to check your withholding’s every year but for many taxpayer’s it is even more important to check withholding’s this year. The Internal Revenue Service encourages taxpayers to look at their tax withholding now to take charge of their tax situation and avoid a surprise at tax time next year. This includes anyone who: Expected to owe less tax or get a bigger 2018 tax

ITINs are set to expire at the end of 2019

2 million Individual Taxpayer Identification Numbers (ITINs) are going to expire at the end of 2019. It is essential that taxpayers submit their ITIN renewal application early to avoid refund delays next year. The IRS will begin sending the CP-48 Notice in early summer to affected taxpayers. ITIN’s are used by people who have tax filing or payment obligations under U.S. law. They are also not eligible for a Social Security number. Taxpayers needing to renew