What records should your business keep

  Record keeping requirements for businesses. What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records you need to substantiate your annual income tax return. The IRS says that you must maintain adequate

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

Understanding Tax Terms: Innocent Spouse Relief.

Understanding Tax Terms: Innocent Spouse Relief. Your ex filed a tax return, didn’t pay the tax, and left you holding the bag. Unfair! There may be relief, but only if you know the innocent spouse rules. What happens when an ex-spouse files a joint tax return with errors in it that you did not know about? You learn the tax obligation on a jointly filed tax return can be collected in its entirety from either

Does my child have to file a tax return?

Does my child have to file a tax return? If you or someone else claims your child as a dependent, your child will need to file a 2019 tax return if he or she has: 1) Earned income from wages of more than $12,200. 2) Earned net income from self-employment (from a paper route, for example) of $400 or more. 3) Investment income only (such as interest and dividends) of more than $1,050. 4) Both

What is the best tax filing status?

What is the best tax filing status? Answer: The best filing status for you depends upon which status you can qualify for and your particular circumstances. Tax savings are only one consideration when selecting your filing status. For example, you might not want to file a joint return with your spouse for personal reasons. Here are the five filing statuses and the qualifications you must meet to use them. Single РYou can use this status

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

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