The IRS recently released draft forms for the 2020 tax season. The 1040 will look more familiar with page 1 again including income. In addition, the six schedules from 2018 are now reduced to three. The changes from 2018 to 2019 are detailed as follows:
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Alyssa Hodges, CPA •
The IRS requires “contemporaneous” documentation for certain types of activities and tax deductions. Some of the areas this covers include mileage, meals, and support for the new 250 hour requirement for the rental real estate safe harbor. “Contemporaneous” means that you should be recording the necessary information at the same time you are doing the activity. Lena Rozzi, CPA •
Congratulations to the Class of 2019! Graduating college can mark an exciting time for new graduates as they transition from being a student to becoming a working professional. This three part series will dive into some helpful information and tips on what to expect as they journey down their career path. Graduating from college may bring on new responsibilities for filing your own tax return but it can also mean being eligible for tax credits and deductions that you have not qualified for before. In the last part of this series, we’ll explore a few different tax deductions and credits that can help lower your tax liability and put more money in your pocket at tax time. Lena Rozzi, CPA •
Congratulations to the Class of 2019! Graduating from school can mark an exciting time for new graduates as they transition from being a student to becoming a working professional. This three part series will dive into some helpful information and tips on what to expect as you journey down your career path. It’s exciting to finally graduate and most students are ready to begin their careers once the cap and gown come off. Whether you are just starting the job hunt or have already landed a job, in the second part of this series, we’ll give you a brief overview of the common tax documents you may receive and the general rules for filing an income tax return. Lena Rozzi, CPA •
Congratulations to the Class of 2019! Graduating from school can mark an exciting time for new graduates as they transition from being a student to becoming a working professional. This three part series will dive into some helpful information and tips on what to expect as you journey down your career path. In the first of this series, we will provide information on what to consider when starting a new job and understanding the different types of employee benefits that may be available to you. Although, there are many factors in deciding which job offer to accept, young professionals should be prepared to consider how their compensation package can affect their tax liability. Alyssa Hodges, CPA •
The IRS has been reminding taxpayers to do a Paycheck Checkup which can help individual W-2 wage earners determine if they are having enough tax withheld from their paychecks. This is particularly useful if you had a balance due for 2018 or have a change in 2019 and have not updated your W-4. Alyssa Hodges, CPA •
You may or may not be familiar with the term “sharing economy”. This primarily relates to sharing your personal assets (like your house or car) for compensation. If you’ve ever thought about renting out your house on Air B&B or driving for Uber or Lyft you would be part of the sharing economy. What you may not realize is that income from these types of activities is subject to taxes, additional laws, and reporting requirements. Donna Deos •
As being one of the few people here at Mason + Rich, PA without an accounting degree, I can tell you the title of this article scares me too. Before working here, I wouldn’t have had the first clue about what to do and I can also relate to the panic that runs through folks when they see anything from the IRS. Fair warning: this article is probably not going to answer state specific sales tax questions you have! My purpose is to alert you to when you may have sales and use tax issues to consider for your business. States vary widely in their sales and use tax requirements, so it is necessary to delve deeply into the specifics of any state in which you are transacting. States have also become very aggressive in the collection of revenue, including sales and use tax. This issue has become more prevalent with the 2018 Supreme Court ruling, "South Dakota v Wayfair". Larger businesses generally have experts on staff in this area, but I find that small businesses are the most likely to be completely unaware of their requirements relative to sales and use tax. Use tax is also a consideration for individuals who live in states with a sales tax, but we will confine ourselves to considering use tax as it relates to businesses. This discussion will provide you with some background and general information which will help you identify states you transact in that warrant closer inspection.
New Hampshire has an Economic Revitalization Zone Tax Credit that allows for a credit for new employees hired in specific zones throughout the state. To describe this credit as simply as possible, business can get a credit for having a new project including additions or improvements to the property in certain places that are either unused or underutilized industrial parks or vacant land or structures previously used for business purposes if the new project creates new jobs.
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