Employers have questions and concerns about deferring employees’ Social Security taxes The IRS has provided guidance regarding the Social Security Tax deferment to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President…
Reasons why married couples might want to file separate tax returns Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest bill. But keep in mind that, if you and your spouse file…
Do you have a side gig? Make sure you understand your tax obligations The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs. Such as providing car rides, renting spare bedrooms,…
Is your filing status up to date? For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on…
Roth or Not – Make Your IRA Contribution Soon. Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year. Do it between now and the tax filing deadline and claim the write-off on your…
The 2018 gift tax return deadline is almost here Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements…
Charitable contributions have been a long-standing tax strategy as long as you itemize and your gift qualifies. Did you know you can receive an additional tax benefit if you donate long-term appreciated stock instead of cash to your favorite charity? Two benefits from one gift Appreciated publicly traded stock you’ve held more than one year…
Teachers give so much to their students. They give them knowledge, fuel their imaginations, and encourage exploration into new subjects. And to best meet the needs of their students, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some…
How much financial knowledge do they have? Provided by Dane A. Wilson, Wealth Management Advisor Some young adults manage to acquire a fair amount of financial literacy. In the classroom or the workplace, they learn a great deal about financial principles. Others lack such knowledge and learn money lessons by paying, to reference William Blake,…
Midyear Tax Planning In the quest to reduce your tax bill, year-end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here Nick Leacoma, CPA, Ciuni & Panichi, Inc. Tax Department Senior Manager, offers three strategies that can be more effective if you begin executing them midyear:…