Another significant change that occurs under the new tax law is the deductibility of Alimony (sometimes called “Spousal Support” or “Spousal Maintenance”). Previously, the person paying alimony could deduct it from their taxable income […]
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For 2020, the IRS is again revising and updating forms, including the Form W-4 used to tell your employer what they should withhold from your wages for income tax. The redesigned form is simpler […]
Please know that the Consolidated TPT application online has all forms of ID’s and taxation (sales tax, use tax, etc. along with payroll tax, etc.) All you need is the payroll withholding component and […]
Yes, if adding to retirement is consistent with your overall financial objectives, it will definitely also help your tax strategy. But remember that contributions can’t be withdrawn until the legal age limit (generally 59-1/2 […]
Yes, of course. BUT, we do need a signed 3rd party waiver from you to discuss your matters with the advisor. This also goes for anyone other than you. _______________________________________________________________________ If you have a question […]
We just need the amount to report it. The 1099 isn’t necessary SO LONG as we have the proper, accurate amount. Have more questions? Call (480) 888-7111 to schedule your free consultation today! _______________________________________________________________________ […]
The state refund is only taxable to the extent that it exceeded the sales tax deduction. This carry forward amount is calculated on what is called the “Refunds Worksheet” that can be found in […]
These types of losses can carry forward until they’re used. There is NO time limit. Have more questions? Call (480) 888-7111 to schedule your free consultation today. _______________________________________________________________________ Have a question you would like […]
Note that a good investment/financial advisor is very knowledgeable on this front and should be able to guide you in the specifics of using retirement accounts (along with a variety of other investment vehicles) […]
There are a lot of options when it comes to reporting income and expenses. Schedule C’s and Schedule E’s are the most familiar to taxpayers (and many tax preparers). But, BEWARE. These forms are […]