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Individual Taxpayers: Recap for 2020
December 1, 2020
By: HintonBurdick
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2020. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The stan …
Individual Retirement Arrangements: Terms To Know
November 2, 2020
By: HintonBurdick
While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to …
Tax-Related Items To Keep in Mind When Disaster Strikes
November 2, 2020
By: HintonBurdick
Unfortunately, disaster can strike at any time. If you’ve been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes: 1. FEMA Declaration of Major Disaster Area Before the I …
Tips for Taxpayers: Backup Withholding
November 2, 2020
By: HintonBurdick
Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding i …
Seasonal Workers and the Healthcare Law
November 2, 2020
By: HintonBurdick
Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, ques …
Investing in Opportunity Zones: The Facts
November 2, 2020
By: HintonBurdick
The Tax Cuts and Jobs Act included numerous changes for businesses and individuals. One of these was the creation of the Opportunity Zones tax incentive, the purpose of which is to spur economic development and job creation in distressed communities by …
End-of-Year Tax Planning Strategies for Businesses
November 2, 2020
By: HintonBurdick
Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-o …
End-of-Year Tax Planning Strategies for Individuals
November 2, 2020
By: HintonBurdick
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. General Tax Planning Strategies General tax planning strategies for individuals include accele …
Tax Preparation vs. Tax Planning
November 2, 2020
By: HintonBurdick
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event t …
Cash Transaction Reports Can Be Filed Electronically
October 1, 2020
By: HintonBurdick
Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Let’s take a look at several key p …
