Blogging Beyond the Numbers

We have all heard people complain about the high costs of medical expenses.  But it might be possible to get a tax deduction for those medical expenses if you qualify. While not all individuals will be able to take advantage of this medical deduction, if properly planned, there could be great tax benefits. General Information For 2019, if you are claiming itemized deductions on your 1040 tax ret...

December 31 means more than just New Year’s Eve celebrations. For tax purposes, it also affects the tax return filing status that will be checked on your tax return for the year. The filing status is important as it determines:  filing requirements, standard deduction, eligibility for certain tax credits, and ultimately the tax tables you’ll use to calculate the income tax.  When you file...

401k plans are a good way to save money for retirement as well as an easy way to reduce your current year taxable income.  There are two different 401k plans that employers offer to their employees:  a traditional 401k plan and a Roth 401k plan.    Traditional 401k Contributing to a Traditional 401K plan through payroll (or as a solo 401k if you are a self-employed individual...

The new tax reform is causing many taxpayers to use the standard deduction instead of itemizing. This may make you hesitate when it comes to your charitable contributions. Watch as Abby and Emily explain what you can do to donate to your favorite charities and still get that tax break next spring! https://youtu.be/blQKgnTvNn4 ...

After the recent tax law change, many taxpayers are no longer are able to itemize certain tax deductions due to the higher standard deductions. However, for senior taxpayers who are charitably inclined and make regular donations, QCDs (Qualified Charitable Distributions) can be of great tax advantage to them.   People who are 70 ½ or older, are eligible to make a transfer of funds directly from thei...

If you’re planning to sell stocks/mutual funds at a loss to offset realized capital gains during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss and buy “substantially identical” stock or securities back within the 30-day period before or after the sale date, the loss CANNOT be claimed for tax pur...

As a company grows it more than likely will need to hire employees and pay those employees wages.  An employer that pays wages has a responsibility to pay payroll taxes and report those taxes to the IRS on quarterly and annual forms.  This post will look specifically at Federal Unemployment Tax (FUTA) taxes and ways businesses can attempt to reduce their future FUTA tax liability. Anyone who ...

As we head toward the holiday gift-giving season, some taxpayers also consider giving gifts of cash or securities to their family members. Who doesn’t like receiving a cash gift at year-end from the grandparents? Taxpayers can transfer substantial amounts to their children and others TAX-FREE through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For 2019...

September 30: For calendar year-end trusts or estates that filed an extension, the 2018 Form 1041 is due October 1: Deadline for self-employed persons or small employers to establish a SIMPLE-IRA October 15: For calendar year C corporations that filed a six month extension, the 2018 Form 1120 is due along with any unpaid tax, interest and penalties.Final deadline to fund certain employer spo...

If you’re an owner of a Partnership, S-Corporation, or Sole Proprietorship and don’t have withholding from paychecks, or if you have a lot of income from investments or rental properties, you probably have to make estimated tax payments. These payments must be sent to the IRS and State governments on a quarterly basis. The third quarter 2019 estimated tax payment deadline for individuals is Monday, Sep...