Personal Tax impacts everyone. Let Vernoia, Enterline + Brewer, CPA LLC help you navigate and plan.
The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use.
New Form 1040-SR, Alternative Filing Option Available for Seniors Read More »
The earned income tax credit benefits millions of taxpayers who qualify by putting more money in their pockets. This money can help with things like food, gas, clothing and even saving for a rainy day.
Taxpayers Might Benefit from the Earned Income Tax Credit Read More »
The earned income tax credit benefits working people with low-to-moderate income. Last year, the average credit was $2,445. EITC not only reduces the amount of tax someone owes, but may also give them a refund, even if they don’t owe any tax at all.
Earned Income Tax Credit Can Put Money in Taxpayers’ Pockets Read More »
Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit. It’s important for people who might qualify for this credit to review the eligibility rules to make sure they still qualify. Taxpayers who haven’t qualified in the past should also check because they may
Child Tax Credit Benefits Eligible Parents Read More »
The 199A deduction is one of the most complex parts of the 2017 Tax Cuts and Jobs Act. A couple of its features can have a big impact on retirement planning, and can allow taxpayers to deduct up to 20% of their qualified business income (QBI).
199A Features Have a Big Impact on Retirement Accounts Read More »
Recipients of taxable scholarships and Native American per capita distributions have been surprised with higher tax liabilities due to changes in the kiddie tax rules under The Tax Cuts and Jobs Act (TJCA).
Unintended Burden of Kiddie Tax on Low- and Middle- Income Families Read More »
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Self Certifying Hardship When Missing IRA 60 Day Rollover Window Read More »
When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form.
Tax Transcript Tips for FAFSA 2019-2020 College Semesters Read More »
Seniors who turned 70½ last year must start receiving retirement plan payments by April 1 The Internal Revenue Service reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.
70.5 Year Olds Must Receive Retirement Plan Payments by April 1 Read More »
In November 2018, the IRS announced an increase in the dollar threshold for determining who is a highly compensated employee which will affect 401(k) plan’s nondiscrimination testing.
Highly Compensated Employees Read More »