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...
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...
