Take this trivia quiz and test your state tax knowledge! Here’s a quiz to test your state tax IQ and give you some fun facts about the taxes paid by friends in other states. Thinking about buying a new house? Which state has the highest property taxes? a. Texas b. New Jersey c. Illinois d. New Hampshire b. New Jersey. Unlike most states, New Jersey does not allow counties and cities to impose their own sales

Families First Coronavirus Response Act provides worker benefits The Families First Coronavirus Response Act is a new program that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. Here are the details of the new law’s benefits: Paid Sick Leave for Workers: The new law provides

The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know: The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15, regardless of the amount owed. This applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who

This month: April 15 (Extended to July 15) – Individual tax returns due – C corporation tax returns due – First-quarter 2020 estimated tax due April 12 – Easter Sunday   The IRS rolled out deadline extensions and new programs to help individuals and businesses navigate the COVID-19 pandemic. A recap of these announcements is included here for your review. Also in this month’s edition is an interesting tax quiz to see if you can guess

Student loan debt is a hot topic and for good reason. Managing the burden that comes during repayment is very difficult. Fortunately, there are ways to get some relief while taking advantage of timely tax breaks at the same time. Here are four ways to help lessen the strain of repaying your student loans. Deduct your student loan interest. The IRS allows you to deduct up to $2,500 in student loan interest payments on your tax

Are you one of the now 33% of Americans who work as either an independent contractor or freelancer? If you answered yes, you are now a participant in the gig economy, a modern term for an economy characterized by workers who earn money through short-term contracts or freelance work. Succeeding as an independent contractor can be challenging because it requires understanding a different set key success factors than being a full-time employee. Here are some tips

The pros and cons of renting versus buying For many folks, the lyrics of a 1960s rock song summarize the American dream: “Our house is a very, very, very fine house.” According to U.S. Census figures, about two-thirds of American families are homeowners. But buying a house or condo may not be the best choice for every family in every situation. Renting offers the following advantages: Greater flexibility. When renting a house, apartment, or condo, you

Here’s how to minimize your risk What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information? The IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store large amounts of personal information and tax data, are also a potential gateway for online criminals and identity thieves. While the

This month: March 16 – Due date for partnership and S corporation tax returns (Forms 1065, 1120S)  

It’s easy to get inundated with documents during tax season. You can receive documents from many different organizations, including employers, financial institutions and others. Many documents are now also being sent via e-mail, which increases the likelihood it could get lost in your inbox. As tax season is quickly approaching, here are some of the documents to be on the lookout for: W-2s While W-2s are the most widespread and well-known tax form, it can be