by Ben Ronco | Dec 13, 2019 | Uncategorized
Money from a traditional individual retirement account (IRA) can be donated to charity as non-taxable income. This is accomplished by making a Qualified Charitable Distribution (QCD). Under most circumstances a distribution from a traditional IRA is taxable, since the...
by Ben Ronco | Dec 13, 2019 | Uncategorized
Since the “Protecting Americans from Tax Hikes” act in 2015, employers must file their copy of Forms W-2 & W-3 with the Social Security Administration by January 31. Form 1099-MISC, reporting of non-employee compensation, also must be filed with the IRS by this...
by Ben Ronco | Dec 13, 2019 | Uncategorized
Who Needs A 1099? November 27, 2019 by Ben Ronco Below is a chart to help you decide whether or not you need to provide a 1099-MISC for someone you conduct business with. The 1099-MISC form is used by the Internal Revenue Service as a tax return document for...
by Ben Ronco | Dec 13, 2019 | Uncategorized
Small business owners may think doing their taxes is just another task to cross off their to-do list. However, speeding through taxes could leave you open to mistakes when filing taxes. Failing to comply with tax laws, violating tax codes, or filling out...
by Ben Ronco | Dec 13, 2019 | Uncategorized
Effective January 14, 2020 Microsoft will no longer support or update Windows 7. As time goes on this will mean new security threats will not be mitigated by windows security. Microsoft recommends upgrading to windows 10 to avoid these risks....
by Ben Ronco | Dec 13, 2019 | Uncategorized
The “Tax Cuts and Jobs Act”, which offers a 20% deduction of Qualified Business Income to pass-through entities, has finalized the qualifications for real estate rental enterprises. The IRS calls it the “Safe Harbor” for Section 199A. This proclamation defines what...
by Ben Ronco | Dec 13, 2019 | Uncategorized
Qualified educators may deduct up to $250! What to know about the Educator Expense Tax Deduction The school year is back again. Parents buy supplies for their children. The school system buys supplies for the school. Who is left buying supplies for the students?...
by raleighcpa | Jan 17, 2019 | Uncategorized
Read to see if these apply to your situation… WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total...
by raleighcpa | Dec 11, 2018 | Blog, Deductions, Tax Payments, Tax Returns
While last year’s Tax Cuts and Jobs Act includes tax changes for both individuals and businesses, this publication is specifically geared to individual taxpayers. It breaks down the law in easy-to-understand language. The publication highlights the changes that...
by raleighcpa | Dec 2, 2018 | 1099, W2
Compass Checks reminds you that employers and other businesses have until Jan. 31, 2019 to file wage statements and independent contractor forms. Requirements The Protecting Americans from Tax Hikes (PATH) Act of 2015 provides a requirement for employers to file their...
by raleighcpa | Nov 19, 2018 | Deductions, Tax Returns, TCJA 2017, Vehicle Depreciation
The Tax Cuts and Jobs Act of 2017 (TCJA) increased depreciation limits for passenger vehicles (not SUVs). If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year, $16,000 for the second year,...
by raleighcpa | Nov 17, 2018 | IRS2GO Mobile App, Offer in Compromise, Tax Payment Plans, Tax Payments, Uncategorized
The Internal Revenue Service reminds taxpayers who can’t pay the full amount of federal taxes they owe that they should file their tax return on time and pay as much as possible. This will help reduce penalties and interest. If they can’t pay it all, they have some...
by raleighcpa | Jun 14, 2016 | Blog
Now that tax time is over, here are three things you need to be doing to help your business… 1. Communicate ….with your CPA or Accountant Review your tax return …he has time to go over the details with you now that his “crunch time” is over Get the year-end...
