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RESOURCES

January 14, 2020

What is CTC? 

In 1998, the Child Tax Credit (CTC) was available for the public by legislation. This policy started from $400 for each qualifying child. It is used to relief the heavy tax that certain taxpayers with qualified dependents are facing. 

How much can you earn from it? 

As of today, this policy lifts the amount of credit to a considerable degree: 

    ...

December 6, 2019

Knowing where you fall matters a lot when it comes to filing your taxes.

Specifically, if you’re an employee, the company you’re working for is responsible for withholding taxes throughout the year, as well as costs like the employer’s share of Social Security and unemployment taxes. If you’re an independent contractor, you’ll need to be paying quarterly t...

November 22, 2019

The IRS allows you to deduct a certain amount of medical expenses if you itemize deductions. Qualified medical deductions are expenses you paid during the tax year for yourself, your spouse, or your dependents.

Here is a list of Qualified Medical Deductions that apply to you:

  • abortion, acupuncture, addiction treatment, ambulance service, annual physical...

May 31, 2019

The IRS issued (Rev. Proc. 2019-25) with the calendar-year 2020 inflation-adjusted figures for the annual HSA contribution limits.

It includes the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.

For 2019,

  • Maximum HSA Contribution Self-only: $3,500, Family: $7,000.

  • Minimum HDHP Deductible Self-o...

May 29, 2019

Even though you already passed the tax season, every company and employee should also be aware of the upcoming tax deadline in June.

6/10 - Employees Who Work for Tips – If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.

6/17 - Individuals 

  • If you’re a U.S. citizen or resident alien living and working (or...

January 4, 2018

If you are in business, whether self-employed or running a company, you must send a 1099 form (with copies to the IRS) to anyone that you pay money to, unless the payments meet one or more of the following exceptions:

- The recipient is a corporation.

- You included the payment in a W-2 form (to an employee).

- The payment is for a tangible product (office s...

December 28, 2017

To be qualified for deduction, business meal and entertainment expenses must be directly associated with the active conduct of a trade or business, the production or collection of income.

People must be able to prove:

  • The amount of the expenditure

  • The time, date, and place of the expense

  • The purpose of the business discussion

  • The identifi...

December 27, 2017

Bonuses are considered excellent way to motivate employees and reward top performers; however, they can also quickly change one’s tax return and the amount of taxes initially withheld depending on the payout. IRS regards bonuses as supplemental wages, which are not regular wages. For more details, see Publication 15 (2017), (Circular E), Employer’s Tax Gu...

December 26, 2017

IRS has published “Notice 2014-21” describing how existing general tax principles apply to transactions using virtual currency. Here are a handful of primary contents of this notice.

1. For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

2...

December 22, 2017

Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or if you receive an IRS notice. You must keep records, such as receipts, canceled checks, and other documents supporting an item of income, a deduction, a credit appearing on a return, etc. Here are the list of a handful of ti...

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