When the Finance101 article “Why donating your travel miles is a good idea” was written, during the holiday season last year, some of us would have no idea that we would, in a sense, be grounded for months in 2020 due to the Coronavirus pandemic. While we mourn our canceled trips and travel opportunities, we still may be able to do some good with the miles we have already accumulated. Instead of saving them all up for the trips you plan to take as travel becomes more feasible, why not donate them now to charitable causes that could really use …Read More
When the tax returns are completed for the year, don’t just put them in the file drawer and forget about them. Use the data provided to make some good decisions about 2020 withholding and saving patterns.
This is a good time for you to review a recent paystub from 2020. With tax return results in hand, you can estimate whether you need to adjust your W-4 to change federal withholding, either reducing large refunds or withholding a bit more each pay period to better cover 2020 taxation. Your CPA can assist with this evaluation.
Lastly, refer to your paystub to …Read More
Next week (February 3-7, 2020) is Tax Identity Theft Awareness Week and you need to know that you can fall prey to scammers whether they contact you directly or find some behind-the-scenes way to operate.
A scammer can obtain your Social Security number illegally and file a tax return without your knowledge, The thieves will make off with your tax return and there is a good chance you will only realize what has happened once you file. If a fake return has been filed, the IRS won’t accept yours. You will need to wait for the IRS to complete its investigation …Read More
As a year-end holiday gift, Congress included a number of individual and business-friendly tax provisions in its year-end spending package that was signed into law by President Trump on December 20, 2019. The “Further Consolidated Appropriations Act, 2020” (oddly considered a 2020 Act) brought back to life many deductions and credits that had expired at the end of 2017, as well as a few others that had either expired at the end of 2018 or were scheduled to expire at the end of 2019.
In addition, substantial changes were made to retirement-related tax provisions, some of which may benefit your …Read More