Translations from Your Trusted Advisor.
The IRS recently released new draft tax forms for 2019 and 2020. New for 2019 are Form 8995, Form 8995-A, and corresponding schedules. These forms are used for the Qualified Business Income Deduction which was new in 2018. New in 2020 is Form 1099-NEC which will be used instead of 1099-MISC to report nonemployee compensation.
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:
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.