Zinner & Co. Blog and Newsroom

Is This Expense Deductible In 2019?

Posted by Zinner & Co. Tax Team on Jan 20, 2020 8:56:32 AM

The tax code is long and complicated and oftentimes, taxpayers do not know what deductions or credits are available, which means they cannot take advantage of possible savings.

With so many changes under the 2017 Tax Cuts and Jobs Act and the 2019 SECURE Act now in place, changes have been made regarding the deductibility of expenses that both business and individual taxpayers may not be aware of.

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, Tax Cuts and Jobs Act of 2017

IRS Announces Inflation-Adjusted Standard Deduction Amounts for 2020

Posted by Zinner & Co. Tax Team on Nov 19, 2019 5:09:00 AM

The IRS issued its annual inflation adjustments for key tax items for the tax year 2020. Among them are new amounts for standard deductions.

For the tax year 2020, the standard deduction for a married couple filing jointly will be raised from $24,400 to 24,800. For single taxpayers and married couples filing separately, the standard deduction will be raised from $12,200 to 12,400. For heads of households, the standard deduction will be $18, 650.

Margin tax rates will change as follows:

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Topics: Taxes - Individual, deductions, income tax, IRS

IRS Announces New Retirement Plan Limits for 2020

Posted by Zinner & Co. Tax Team on Nov 7, 2019 9:53:24 AM

The IRS has released the retirement contribution limits for the 2020 tax year. The new limits are adjusted based on increases in the cost of living.

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Topics: Taxes - Individual, Retirement Planning & IRAs, IRS

5 Reasons You Should Begin Planning for Tax Season NOW

Posted by Zinner & Co. Tax Team on Nov 7, 2019 5:00:00 AM

It’s the 4th quarter. The holidays are right around the corner. The last thing you may want to think about is income taxes … but there are some compelling reasons why you should be thinking ahead.

Last year’s tax season saw the biggest change to the tax code in over 30 years. At the end of the tax season, we noted that one of the lessons learned was that individuals who engage us in tax planning early, on average, fared much better than those who did not. There are some very important reasons for this:

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Topics: tax services, Taxes - Corporate & Business, Taxes - Individual, income tax, tax avoidance

States Fail to Overturn SALT Deduction Caps

Posted by Zinner & Co. Tax Team on Oct 8, 2019 3:12:43 PM

 

In a blow to several high-tax states, a federal judge has upheld a key provision of the Tax Cuts and Jobs Act (TCJA), the State and Local Tax (SALT) deduction cap.

Under the TCJA, congress placed a cap on the amount taxpayers could claim on their Schedule A for state and local taxes.

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Topics: Taxes - Individual, taxes, IRS, Tax Cuts and Jobs Act of 2017, SALT

Ask the Expert: I recently moved. I set up mail forwarding with the U.S. Postal Service, is there anything else I need to do?

Posted by Zinner & Co. on Jun 27, 2019 6:40:00 AM

Ask the Expert: I recently moved. I set up mail forwarding with the U.S. Postal Service, is there anything else I need to do?

Setting up mail forwarding is a great start, but there are a couple more steps you should take:

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Topics: Taxes - Corporate & Business, Taxes - Individual, IRS, SALT

Avoid Identity Theft to Protect Your Tax Return

Posted by Matt Szydlowski, CPA on Feb 26, 2019 6:51:00 AM

T'is the season! Tax season that is. It’s also identity theft season. Last year over 100,000 people discovered that their identity had been stolen when they attempted to file their taxes. While the IRS and other tax jurisdictions have worked diligently to reduce the number of fraudulent filings, there is still a lot that you can do to protect yourself from identity theft.

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Topics: identity theft, Taxes - Individual, cybersecurity

6 Important Things to Know About Divorce and Taxes

Posted by Zinner & Co. Tax Department on Feb 21, 2019 6:00:00 AM

The sad reality is more than 50% of marriages end in divorce. The median duration of a marriage in the United States is 11 years. Divorce is a reality and there are some important things you need to know from a financial and tax perspective.

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Topics: divorce, Taxes - Individual, Tax Cuts and Jobs Act of 2017

6 Common Tax Mistakes You Should Avoid

Posted by Matt Szydlowski, CPA on Jan 29, 2019 7:02:00 AM

Tax season is here, once again! I anticipate that this season will be different than tax years of the recent past due to the Tax Cuts and Jobs Act (“TCJA”). While a lot has changed, there are a few things about tax season that never change – mistakes.

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Topics: Taxes - Individual, deductions

What Will the Government Shutdown Mean to Your Tax Return?

Posted by Zinner & Co. Tax Team on Jan 8, 2019 1:20:22 PM

Unless you’ve been hiding under a rock, you’ve probably heard about the battle between the President and Congress over funding for a southern border wall. The government “shutdown” created by the impasse has created a lot of uncertainty about many government-provided services.

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Topics: Taxes - Corporate & Business, Taxes - Individual, taxes, IRS, Shutdown

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