The 2020 tax filing season is underway. Every year, AFSG provides you with detailed checklists to help you stay organized and up to date on the current tax laws. Below are links to our 2020 checklists, worksheets, and virtual appointment options. The impact of COVID-19 on our lives, economy, laws, [...]
COVID-Related Tax Relief Acts On December 23, 2020, Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security [...]
1099-NEC: Use For Non Employee Compensation for Independent Contractors of $600 or more Someone who is not an employee, who provided services Can go to an individual, parternship, estate, or corporation Should inlcude payments for services AND payments for parts or materials used to perform the services Examples: Attorneys, [...]
As a locum tenens provider, you’re considered an independent contractor and you need to be prepared to pay your own taxes. Your hiring firm may not be required to withhold any federal or state taxes from your compensation. Additionally, you’ll most likely need to remit estimated taxes each quarter to [...]
Source: IRS.gov - Issue Number: Tax Tip 2020-129 Terms to help taxpayers better understand Individual Retirement Arrangements Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a bank or other [...]
IRS.gov - Issue Number: Tax Tip 2020-118 Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes - Name. When a [...]
IRS.gov IR-2020-185, August 18, 2020 WASHINGTON — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income [...]
Issue Number: IR-2020-180 IRS.gov IRS takes new steps to ensure people with children receive $500 [...]
Source: Tax Tip 2020-98: Here’s what taxpayers need to know about the home office deduction www.irs.gov Here’s what taxpayers need to know about the home office deduction The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home [...]
Tax returns are due today; taxpayers who can’t pay should still file today Source: IRS.gov Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. [...]
