If tax it the time of coronavirus taught us anything, it's that tax professionals are indispensable. On the heels of getting a handle on the 2017 tax reform changes, tax pros this filing season were handed even more jobs. They helped people understand...

It's been almost a week since Tax Day 2015. That's why today's Tax Form Tuesday is celebrating Form 1040. Actually, this week's feature includes not just the actual tax return you recently sent to the Internal Revenue Service, but also the many forms and...

The White House has dropped its push for a payroll tax cut as part of the next round of COVID-19 relief. Although Donald Trump cited Democrats' objections to the payroll tax cut, top Senate Republicans also disliked the idea, seeing it as too expensive as...

Every employer must withhold (and later deposit) income tax from wages paid to each employee using the computational procedures and tables prescribed by the IRS. To calculate the amount of income tax to withhold, the employer must have a properly completed Form W-4...

Beginning with reporting for the 2020 tax year, nonemployee compensation (NEC) will be reported in box 1 of Form 1099-NEC (Nonemployee Compensation). For 2019 and prior years, NEC is reported in box 7 of Form 1099-MISC (Miscellaneous Income). Statements to Recipients...

You're working on your tax return and discover that you are that close to shaving a few more dollars off what you owe Uncle Sam. Many in this situation are tempted to get creative. Don't. The Internal Revenue Service has seen it all. OK, most of it. The...

Are you one of those folks who's worrying about how you'll pay your tax bill on July 15? If it's an amount that you just can't come up with or cover with a credit card, look into paying off Uncle Sam over time. The Internal Revenue Service offers a couple of...

We're into the home stretch of the coronavirus extended 2020 tax season. That means that millions of taxpayers (or their tax preparers) are working on 2019 returns or extensions to finish up those 1040s. While you can send the Internal Revenue Service Form...

Congress might be working on another round of COVID-19 economic relief payment (EIPs). I say might because although the House in mid-May approved the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act and its provisions for even more...

The last few months have been interesting for older individuals exploring ways to make the most of their retirement money. This demographic got some more, and mostly good, news again this week. The Internal Revenue Service has decided they now have more time to return...

The House-passed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act called for more a second round of COVID-19 stimulus checks. The Senate is starting to come around to the idea. But some folks are still waiting for their original...

Tax professionals have always played an important role in the lives of taxpayers. Their value has been underscored during coronavirus tax time, with the many new COVID-19 tax laws. (Yes, I'm looking at you Paycheck Protection Program.) But, as with just about...

For millions of families across the United States, the official end of the school year doesn't really mean much. The kids already have been home for weeks instead of in classrooms because of COVID-19 closures. But things may be about to change. Some day camps are...

We're heading, finally, into the heart of tax return filing season 2020. Even if you fill out and submit your Form 1040 electronically, as most of us do, you still need the documents that provide the figures you transfer to your return. One area of interest to...

Depending on the sort of work you do or how you’re paid, you might need to settle your tax bill via estimated quarterly taxes. Some tax rules have changed due to coronavirus As part of the U.S. government's ongoing response to the coronavirus, the tax deadline is now...

Millions of folks — around 152 million of us, by the Internal Revenue Service's latest count — have received COVID-19 economic impact payments, or EIPs as they are called in the acronym crazy federal government (and tax) world. The payments of up to $1,200...

As long as I've been blogging about taxes, I've included in every post about correcting previous tax filings some version of this instruction — An amended return cannot be filed electronically. You must use snail mail, using the appropriate address shown in...

I've been rearranging some upcoming doctors' appoints that I made months ago, well before anyone had heard of COVID-19, much less watched as it overtook our lives. A couple were able to be conducted as teleconferences with my physicians. Some, however, require...

Memorial Day 2020 has an added poignancy. This solemn day to commemorate those who gave their lives in military service to the United States is overshadowed by the coronavirus. Almost 100,000 COVID-19 deaths have been recorded, with reporters often...

We're less than two months from Tax Day 2020, which was pushed to July 15 due to the coronavirus pandemic. Or are we? There's been some talk and a few actual reports in the media that the White House is contemplating pushing the tax deadline back again,...

Americans are plastic addicts. I'm not just talking packaging. We depend on plastic payments, aka credit and debit cards. That financial transaction method has made its way into the COVID-19 economic impact payment (EIP) distribution. This week, the Internal Revenue...