Tax

teachers educator expense deduction

Expenses that Teachers Can and Can’t Deduct on Their Tax Returns

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some…

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tax relief refund

Who Will Receive the Virginia Tax Relief Refund and When?

The Commonwealth of Virginia passed state legislation in early 2019 in response to the Tax Cuts and Jobs Act which made significant changes to federal tax law.  Eligible taxpayers may receive up to $110 for individuals and $220 for married filing joint filers. Who is an Eligible Taxpayer? To be eligible for the 2019 Tax…

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Traditional IRA distributions

Taking Distributions from Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family…

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2020 tax filing due dates

2020 Tax Filing Due Dates

Mark your calendars!  The calendar year 2020 due dates for Tax Year 2019 tax returns is now available.  For 2019 filings only two date filing dates have been adjusted for weekend occurrences. Whenever a regular tax filing date falls on a Saturday, Sunday, or a legal observed holiday in the District of Columbia, the due…

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no-match letter

What to Do if Your Business Receives a “No-Match” Letter

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they…

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teen summer job taxes

Your Teen, a Summer Job, & Taxes: What You Need to Know

When your teen joins the workforce, it can be a rewarding experience for both you and your teen. They gain some financial independence and learn some life lessons, and you as a parent have the opportunity to guide them through those lessons.  However there are some potential daunting tax issues that both the parents and…

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winning money lottery gambling tax implications

The Tax Implications of Being a Winner

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported…

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identity theft

Tips to Safeguard Your Personal Data and Avoid Identity Theft

For the last four years the IRS has convened a Security Summit with leading private sector firms and federal and state tax administrators and industry professionals. Their focus is to discuss ways to combat existing and emerging threats to the personally identifiable information of taxpayers and develop ways to prevent identity theft and the fraud…

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tax tips student loan

July/August 2019 Tax Tips

Helping employees pay down student loan debt In a 2018 private letter ruling, the IRS gave its blessing to an employer’s innovative student loan repayment (SLR) program. Essentially, the ruling allowed the employer to link matching contributions to employees’ 401(k) plan accounts to either 1) the amount of elective contributions an employee makes to the…

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kiddie tax

The “Kiddie Tax” Hurts Families More Than Ever

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made…

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