COVID-19 Relief if You Work Abroad or Travel to the U.S. to Work

If the federal tax you pay is dependent on where you are physically located, then COVID-19 likely has thrown a wrench in your physical tax location (and tax situation). If you were living abroad and had to return to the U.S. because of COVID-19, you may wonder if you’ll have a big tax bill for… Read More

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IRS Updates Defined Wages for New Section 199A Tax Deductions

Your Section 199A tax deduction will benefit from your business’s W-2 wages paid to you and your employees if you are married and filing jointly and your taxable income is over $315,000 and less than $415,000; are filing as single or head of household and your taxable income is over $157,500 and less than $207,500;… Read More

Tax Return Due Dates in 2019 for 2018 Tax Year

Here are the original and extension tax deadlines….. Partnership Tax: (Form 1065) Original – due on 3/15/2019 Extension – due on 9/16/2019 S Corporation Tax: (Form 1120S) Original – due on 3/15/2019 Extension – due on 9/16/2019 C Corporation Tax: (Form 1120) Original – due on 4/15/2019 Extension – due on 10/15/2019 Sole Proprietor /… Read More

2018 Standard Deduction and Personal Exemptions

For the 2019 tax filing season (for 2018 tax year), the standard deduction has been increased.  However, the Personal exemptions are reduced to zero under the Tax Cuts and Jobs Act (TCJA) until 2025. Filing Status Age at End of Year 2017 Gross Income Filing Threshold 2018 Gross Income Filing Thereshold Single Under 65 $10,400… Read More