There is a new W4 Form for 2020. It is not required for existing employees and employers should continue to use the existing withholding allowances and filing status for employees that filled out the old form. But for those employees you hire after 12/31/2019, and for any employees who wants to adjust their withholding, the 2020 version is the only valid Form W-4.Continue reading “New W4 for 2020”
This tax season saw an avalanche of extension requests.
The Tax Cuts and Jobs Act played a major role but it wasn’t the only factor.Continue reading “2018 Set a record for Extensions filed”
File your Taxes on a postcard? What a joke!
The previous 2 page Form 1040 is now 8 postcards plus worksheets and has over 100 pages of instructions. That is not really a postcard is it?
Not mentioned is that none of the additional forms you have been filing went away with your 1040, they still exist. Examples: Schedules B, C, D E, etc.Continue reading “2018 Income Taxes are gonna be taxing”
Even though the Federal Standard Deduction doubled and most people will not be taking Itemized Deductions on their Federal Tax return this year, some states did not follow the Federal lead. States such as California and New York did not conform.
That means that if you used to itemize, you better continue to track those same expenses because you can still use them to save state taxes
The latest scam that might be used to separate you from your money goes something like this:
Step One – You find out that the IRS sent you a refund you were not expecting. You might get it by check or maybe direct deposit. You go – Hey, I wasn’t expecting this. Hmm . . .Continue reading “A New Scam involving Tax Refunds is particularly dastardly”
Somebody accidentally entered an old bank account number for a direct deposit of a tax refund.
The IRS offered no assistance in retrieving the refund! They took the position that they had no accountability. They said they had done exactly as the taxpayer had requested. Taxpayer problem.Continue reading “Maybe getting your Tax Refund by direct deposit is not such a good idea”
We are now at 701 South Carson Street – above the Artisan Cafe and Bakery.
Bright cheerful office space, the delicious smells of fresh baked goodies and coffee. What could be better? Oh – subletting from the same great people we were with at the Ferris Mansion, that’s what.
Thanks Matt and the great staff at NVBiz.com for letting us tag along!
Below is a letter that Donald Rumsfeld sends to the IRS with his tax return every year. Bravo to him for saying what needs to be said about our ridiculous tax code. It is a system that has run amok. I definitely agree with those who have called for starting over from a clean slate.Continue reading “Our tax code is a mess!”
Businesses are now required to report to the IRS whenever there are changes to contact info – responsible party, address etc.
This from the Form 8822-B instructions:
Beginning January 1, 2014, any entity with an EIN must file Form 8822-B to report the latest change to its responsible party. Form 8822-B must be filed within 60 days of the change. If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. Complete Form 8822-B as appropriate; use applicable boxes 8a through 9b to report any changes to the identity of your responsible party.
The IRS recently released a helpful video on their YouTube channel.
This video explains how to use their Withholding calculator to get your withholding just right.
If you are a wage earner this video and the calculator will help you understand how it all works.
The IRS removed this video. It is pretty old after all.