2020 – 09/09 Do you earn income that isn’t subject to tax withholding? Small business owners, self-employed people, taxpayers who are part of the gig economy and certain others may be required to make quarterly estimated tax payments if they will owe at least $1,000 on their 2020 tax returns. The IRS provides a withholding tool you can use to determine whether you need to make estimated payments and if so, calculate the right amount. For 2020, the third estimated payment deadline is Tuesday, Sept. 15, 2020. To use the tool, you’ll need information for the sources of income you may have and have your 2019 tax return handy. Here’s the tool plus more information:
Similar Posts
CARES Act made changes to excess business losses
2020 – 08/24 The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is…
- CPA | Deductions | Depreciation | OBBBA | Planning | Taxes | Wealth Management
The Hidden Tax Torpedo in the One Big Beautiful Bill and How to Avoid It
There’s a lot to unpack with the One Big Beautiful Bill Act. It is the most sweeping piece of tax legislation since The Tax Cuts and Jobs Act of 2017. Perhaps the most impactful change from a tax planning perspective is the temporary increase of the state and local tax (SALT) itemized deduction from $10,000…
Helping employees understand their health care accounts
2020 – 08/26 Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan)….
Ransomware and Multi-Factor Authentication
2020 – 08/13 You’ve probably heard of a scam called ransomware. The IRS describes it as an invasive software that targets “human and technical weakness to infect a potential victim’s computer, network or server.” It may be downloaded accidently by opening a link or attachment, such as an email solicitation for a fake COVID-19 charity….
Qualifying for a Home Office Deduction
2020 – 08/10 With millions of taxpayers working from home due to COVID-19, many people may be wondering about the possibility of claiming a home office deduction on their 2020 tax returns. In a tax tip, the IRS lists several points about qualifying for the home office deduction, including the fact that employees aren’t currently…
Records Destroyed in a Disaster?
2020 – 09/29 Have some of your records been destroyed in a disaster? Records can help people prove their disaster-related losses. Past financial statements can be recovered from credit card companies or banks. Homeowners can get property-related documents by contacting their title or escrow companies, or the lender that handled their home purchase. Also, taxpayers…
