by The MDTAXES Network | Feb 1, 2020 | February 2020 Newsletter
By Andrew D. Schwartz CPA When the IRS adds a check box on Schedule 1 of the personal tax return asking: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? …you know they mean...
by The MDTAXES Network | Feb 1, 2020 | February 2020 Newsletter
By Andrew D. Schwartz CPA After decades of misleading all but the most straightforward of taxpayers, the W4 form has been replaced with a new W4 form. This is the form you fill out with your employer when you start working that determines the rate you will have...
by The MDTAXES Network | Feb 1, 2020 | February 2020 Newsletter
From IRS News: IR-2019-215, December 31, 2019 WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes....
by The MDTAXES Network | Jan 2, 2020 | January 2020 Newsletter
Here’s one more New Year’s Resolution you might add to your list: Training your children to be aware of internet/online security or cyber security. As many are aware, cyber security is the protection of assets and data from electronic attack. This includes...
by The MDTAXES Network | Jan 2, 2020 | January 2020 Newsletter
· For 2019, the standard deduction for a single individual is $12,200 and for a married couple is $24,400. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes...
by The MDTAXES Network | Jan 2, 2020 | January 2020 Newsletter
By Bob Cahill Big changes for 2020! The Federal Housing Finance Agency announced the conforming limit for one to four unit properties is increasing. For a complete list by states/counties please click here. Investopedia defines Conforming Loans as: What Is the...
by The MDTAXES Network | Jan 2, 2020 | January 2020 Newsletter
Personal financial planning is an ongoing process. The good news is that financially speaking, 2019 was another really good year. The stock markets once again hit all time highs. Real estate prices around the country continue to increase. And interest rates and...
by The MDTAXES Network | Jan 2, 2020 | January 2020 Newsletter
Month Income Taxes Saving and Investing JANUARY 4th quarter 2019 estimates due 1/15/20 Expect to receive W-2s and 1099s by January 31, 2020 Review your withholdings for 2020, and, if necessary, file a new W-4 Form with your employer to adjust your withholding Prepare...
by The MDTAXES Network | Dec 1, 2019 | December 2019 Newsletter
Consider adding your teenage children onto your company payroll. If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll. There are several tax benefits and opportunities for income shifting within the...
by The MDTAXES Network | Dec 1, 2019 | December 2019 Newsletter
Does part of your family’s financial planning include gifting? If so, here are a dozen tips to follow: Annual gift exclusion is $15,000 per year by an individual to another individual, or Annual gift exclusion is $30,000 per year gifted jointly from a married...
