IRS Opens 2019 Tax Filing Season For Individual Filers On January 27 The IRS will begin accepting and processing 2019 tax year returns on Monday, January 27, 2020, marking the beginning of tax season for individual tax return filers. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15,… Read More
IRS Issues Standard Mileage Rates For 2020 You will be reimbursed less for your business mileage expenses in 2020. The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The Rates Beginning on Jan. 1, 2020,… Read More
Actions Taken Now Could Help You Obtain Tax Benefits Right now, you may not have taxes first and foremost in your mind as you prepare for and enjoy the festivities of the holiday season. However, if you are a small business owner, Barbara Weltman with the Small Business Administration has put together ten things to… Read More
Little-Known Tools Can Help You Plan Your Charitable Contributions. It’s that time of year when many individuals and businesses are thinking about how to give back. Most of the time, you want to donate to a charity that means something to you. At the same time, you want to make sure your donation is as… Read More
Tax Errors Can Be Costly For Small Businesses As a small business owner, you often wear many different hats. You might have to wear the boss hat one day and the employee hat the next. Most days, you probably wear both! When tax season comes around, you might be wearing your tax hat. You may… Read More
We’re taking a break from tax talk this week to express our gratitude to our clients and peers for your continued support. We want to take this opportunity to wish everyone a safe and Happy Thanksgiving. From Our Families To Yours, Bayshore CPA’s, P.A.… Read More
Eligible Employees Can Use Tax-Free Dollars For Medical Expenses With health care open enrollment season now underway at many workplaces, we want to remind workers they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. Eligible employees of companies that offer a health flexible spending arrangement (FSA) need… Read More
Plus New SSN Scam Alert! Before we get into this week’s featured article, we feel it is important to make you aware of a new version of a SSN scam. You should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers… Read More
401(k) Contribution Limit Increases To $19,500; Catch-Up Limit Rises To $6,500 Employees in 401(k) plans will be able to contribute up to $19,500 next year. This increase is in conjunction with new guidance that provides cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. Highlights Of… Read More
Rules To Know When Working With A Spouse, Parent, Or Child We are closing out October’s National Work and Family Month with an article about the tax implications of hiring family members in a family-owned business. One of the advantages of someone running their own business is hiring family members. But when including family members… Read More