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A portion of social security benefits are taxable if all income, including tax-exempt interest, plus one-half of your benefits are more than an amount considered your base amount. Base amount is determined by your filing status. See base amounts for the 2019 tax year below. Individuals filing a joint return have to combine their income …
In order to qualify as a dependent for purposes of filing your federal tax return, a person must be what the IRS considers as either a qualifying relative or qualifying child. They must also meet some additional criteria as well. Interestingly, a qualifying relative does not have to be a relative. Additionally, someone who qualifies …
Continue reading “Who Can be Claimed as a Dependent on Your Tax Return?”
Determining what types of business tax returns you need to file can be a daunting task but once you have the tools to make the determination, you’ll be well on your way. The following general questions must be considered in order to complete your assessment: What is the business structure of your company? Do you …
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It’s business as usual at the Internal Revenue Service. The government shutdown will not affect 2018 income tax return filing. The IRS confirmed that income tax returns will begin to be processed beginning January 28, 2019 and will provide refunds as scheduled. The IRS received a permanent indefinite appropriation from Congress to pay all tax …
Continue reading “IRS Will Accept 2018 Tax Returns On-time Despite Government Shutdown”
As I was searching online for a solution to help organize client documents, I stumbled upon something that seems a little wonderful. I found an app called FileThis that helps people go paperless. They even have a free solution! As an accountant, this app will allow me to streamline the process my clients go through to retrieve …