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....
by The MDTAXES Network | Nov 4, 2019 | November 2019 Newsletter
by Andrew D. Schwartz CPA Last month, my firm hosted a live webinar in our Financial Boot Camp series titled “How to FIRE: Strategies for Becoming Financially Independent and Retiring Early”” which was recorded and is now available online. According...
by The MDTAXES Network | Nov 4, 2019 | November 2019 Newsletter
by Andrew D. Schwartz CPA Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2020, the maximum wage base jumps to $137,700, an increase of $4,800, or 3.6%, over the max of $132,900 that was in place for 2019. At a rate of...
by The MDTAXES Network | Oct 1, 2019 | 2019 October Newsletter
Earlier this month, my firm hosted a live webinar in our Financial Boot Camp series titled “Game of Loans: Income Based Repayment Options vs Refinancing ” which was recorded and is now available online. According to the presenter Alex Oliver from First...
by The MDTAXES Network | Oct 1, 2019 | 2019 October Newsletter
Continuing a downward trend from the prior year, the IRS audited 7% fewer tax returns in 2018 than they audited in 2017. Of the 150 million personal tax returns filed for the 2017 tax year, only 892,000 were audited – a meager 0.59% of all personal tax returns...
by The MDTAXES Network | Oct 1, 2019 | 2019 October Newsletter
From IRS News IR-2019-159, September 26, 2019 WASHINGTON – The Internal Revenue Service today released a new set of tax gap estimates on tax years 2011, 2012 and 2013. The results show the nation’s tax compliance rate is substantially unchanged from prior...
by The MDTAXES Network | Oct 1, 2019 | 2019 October Newsletter
Month Income Taxes Saving and Investing OCTOBER Tax returns on extension due 10/15/19 Find out how to complete your W-4 form correctly using the IRS’ On-line Withholding Calculator Taxpayers on extension must fund retirement accounts by October 15th 5500s for...
by The MDTAXES Network | Sep 3, 2019 | 2019 September newsletter
by Andrew D. Schwartz CPA (Originally written for the September 2016 newsletter.) Last week, my wife and I dropped off our older child at college to start his freshman year. He is eager to spend the next four years taking classes in a variety of interesting subjects...
