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...
by The MDTAXES Network | Dec 1, 2019 | December 2019 Newsletter
Have you been dabbling in cryptocurrency trading? The IRS is stepping up its efforts to provide guidance to taxpayers around cryptocurrency transactions and has enacted some new compliance measures. On 2019 tax returns, the IRS will require taxpayers to check off a...
by The MDTAXES Network | Dec 1, 2019 | December 2019 Newsletter
Scammers are at it again, this time calling up taxpayers, impersonating the IRS, and threatening to suspend or cancel social security numbers. According to the IRS, these calls can come in as “robocall” voicemails, requesting people to call back. The scammers may...
by The MDTAXES Network | Nov 26, 2019 | December 2019 Newsletter
Medical Expenses For 2019, medical expenses are deductible to the extent they exceed 10% of your Adjusted Gross income (AGI). The IRS also allows a deduction of 20 cents/medical miles driven so don’t forget to track your medical mileage. Planning Opportunity: Check...
by The MDTAXES Network | Nov 26, 2019 | December 2019 Newsletter
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that many of the retirement savings limits will increase for 2020. Employer Sponsored Plans Most working professionals have...
by The MDTAXES Network | Nov 26, 2019 | December 2019 Newsletter
It’s not too late to cut your 2019 tax bill. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. This year you can put up to $19,000 into your 401(k) or 403(b) plan at work. ...
by The MDTAXES Network | Nov 4, 2019 | November 2019 Newsletter
Consider hiring your spouse as your company’s first employee. For many taxpayers beginning a new business, there are always concerns and questions about decisions to be made. How to finance the new endeavor, where to locate the office, and who to choose as the right...
by The MDTAXES Network | Nov 4, 2019 | November 2019 Newsletter
Month Income Taxes Saving and Investing NOVEMBER Need to make applicable elections in connection with employer’s flexible spending account Good time to make semi-annual donation of clothing and household items to charitable organizations. Don’t forget to...
by The MDTAXES Network | Nov 4, 2019 | November 2019 Newsletter
by Andrew D. Schwartz CPA One of the most interesting wrinkles of the Tax Cuts and Jobs Act was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization....
