As it does annually, the IRS announced its annual inflation adjustments for the new year, including tax rate schedules, tax tables, and cost-of-living adjustments. It also adjusted items such as contribution limits for 401(k)s, H.S.A.s, standard mileage rates and more for 2020. You can find the new 2020 tax tables, standard deduction amounts, and more
Items Which Are Surprisingly Taxable In 2020
Surprise, Surprise, – These Things Are Taxable Please Be Wise! Taxes are still complicated. The IRS still wants its fair share of things you receive, cash you earn, or money you don’t have to pay back, and other assets. That means reporting certain surprising items that are taxable like gifts over $15,000, items exchanged as
Tax Help For Those In The Gig Economy
Got a Gig? Gig economy income is taxable! Whether you are renting out a spare bedroom or providing car rides, or freelancing in professional services, Fuoco Group wants taxpayers to understand the IRS rules regarding income so they can stay compliant with their taxes and avoid surprises for 2019 tax year filings. The gig economy
New Clarification of Independent Contractor Status for Employers
Our clients are looking for flexibility and cost savings during these tough economic times as they work to recover from the pandemic and rebuild their businesses. It is more important than ever for employers to understand both the benefits and liabilities of utilizing a flexible workforce that includes independent contractors, 1099s and freelancers to drive
Snowbirds Between States Snared By Auditors With Red Flags
Wealthy Americans and Corporations may be unaware of another benefit of Tax Reform’s sharp cut in the tax rate: IRS Audits are down sharply due to less funding. Don’t breathe easy just yet. States are seeking to fill revenue gaps and recover tax revenue losses due to Tax Reform, so while one type of tax
Home Sweet Home Office Deduction
Tax reform eliminated the itemized deduction for employee business expenses. Thus, employees cannot deduct home office expenses for the tax years 2018 through 2025. However it’s worth noting that the rules did not change for self-employed persons. So if you are self-employed, a small business owner, or an entrepreneur, you can continue to deduct qualifying
Avoid These Red Flags to Avoid an IRS Audit
Short of $$$ and short of staff, the number of tax returns examined by the IRS has dropped to just 0.5% of all returns — but that still means over a million taxpayers will be singled out for review. Most folks are honest when it comes to filing their returns but some do “fudge” a
The IRS Wants A Bite Of Your Bitcoin
Got Bitcoin? You may owe taxes on cryptocurrency transactions! Some cryptocurrency investors have received letters from the IRS this month announcing that their federal tax returns don’t match the information received from virtual currency exchanges. The letters acknowledge that trading exchanges, not the taxpayers, may have made the errors, however this signals that the IRS
Holiday Tips To Make This Tax Season A Smooth One
Did you know that the IRS has issued a draft Partnership K-1 with extensive changes? Are you aware that the IRS has proposed new regulations for the limitation on the deduction of business interest? It may be time to contact your tax professional at Fuoco Group so that you have no surprises when your 2019
More Year-End Tax Planning Ideas for 2019
Thanksgiving is here and 2020 is right around the corner — there is no better time to consider your year-end tax planning! We don’t have a magic wand, but here are some tried and true tax minimization techniques our clients have found helpful over the years, especially since Tax Reform took effect: Deferring your income
