This amount changes each year. For 2019, the limits are as follows: IRA: $6,000 per person ($7,000 if age 50 or older). 401K: $18,500 per person ($24,500 if age 50 or older). SEP: $56,000 […]
From the nielsen law group Tag
IRA/ROTH/401K – The day your tax return is due – usually April 15th. If you filed an extension, then you have until October 15th. SEP – the tax deadline of the employer (check with […]
The Tax Code allows you to report business activity on your personal return using a Schedule C or on a separate business return. Either way you’re providing a “Business” return. When you use a […]
If you receive income reported on Form 1099-MISC, then you’ll want to report that income under your “EIN” or tax ID number, not your social security number. If you end up with a 1099 […]
In some cases, yes. Some states that don’t have an income tax, still require that your business file a tax return. Texas for example, has no state income tax, but still requires businesses to […]
A company’s financial records are intended to track all transactions and provide company management with the ability to manage the business. The tax return information on the other hand is strictly used for tax […]
What about contacting the IRS – can’t you just call them and let them know the change? In theory, yes. But it’s a very complex process. In order to contact the IRS, we have […]
Yes, we believe it is. Here are 2 important reasons why. Your refund will likely be larger. Your audit risk will likely be smaller. The US Tax Code has evolved since 1861 when the […]
You know the situation – your return is prepared then you find (or someone sends you) one more piece of tax data that needs to go on your return. You contact us and find […]
What are Estimated Tax Payments? Let’s start with what they’re not. If you receive a W-2 wage from your employer or pay yourself a W-2 wage from your own business, there will likely be […]