Please visit this link frequently for news and updates about the Coronavirus stimulus relief package and news about how the Coronavirus is affecting the 2019 tax year for personal and business taxes. https://www.irs.gov/coronavirus
Frequently Asked Questions About the New Form W4 1. Where can I download the new Form W-4? About Form W-4, Employee’s Withholding Certificate 2. Why redesign Form W-4? The new design reduces the form’s complexity and increases the transparency and accuracy of the withholding system. While it uses the same underlying information as the old […]
Cashing Out a 401(k): What a 401(k) Early Withdrawal Really Costs A 10% penalty and a few other consequences could be headed your way. But there are many exceptions to the rules Contributing to a 401(k) can be a “Catch 22” kind of experience: It’s easy to get your money in, but it’s hard to […]
How to Calculate Business Overhead Costs in 5 Steps To calculate the overhead costs of a business, add all the ongoing business expenses that keep your business running but do not contribute to the revenue generation process. These are indirect costs such as administrative expenses, selling and marketing costs and production expenses. Calculating and recording […]
Teachers can claim the Educator Expense Deduction regardless of whether they take the standard deduction or itemize their tax deductions. A teacher can deduct a maximum of $250. Two married teachers filing a joint return can take a deduction of up to $250 apiece, for a maximum of $500.