TheTaxLady4u

Due to the CARES ACT that was just signed by the president, Self-Employed People now qualify for unemployment benefits. ⠀ ⠀ Due to the Coronavirus Pandemic the US government is working together with the states to provide unemployment benefits even to those who wouldn’t normally qualify, like self employed individuals. ⠀ Your respective states' unemployment guidelines and website will start updating their offerings in the near future to display this change (most haven’t yet) . ⠀ This can be referred to as “Relief for Workers Affected by Coronavirus Act”. ⠀ ⠀ Here are list of the requirements to qualify for unemployment benefits under this new bill which refers to: ⠀ ⠀ • The individual has been diagnosed or is experiencing symptoms of CV19 and seeking medical attention;⠀ ⠀ • A member of the individual’s household has been diagnosed with CV19;⠀ ⠀ • The individual is providing care for a family member or member of the individual’s household who has been diagnosed with CV19;⠀ ⠀ • A

Hope this tax season is treating everyone kindly! Have a little laugh with me with this tidbit! The difference between dog people and cat people: Dog people wish their dogs were people, cat people wish they were cats -@simonsinek

New Form 1040-SR, alternative filing option available for seniors! WASHINGTON ― 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. The Bipartisan Budget Act of 2018 required the IRS to create a tax form for seniors. Taxpayers age 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors. Form 1040-SR, when printed, features larger font and better readability. Taxpayers who electronically file Form 1040-SR may notice the change when they print their return. More than 90% of taxpayers now use tax software to prepare and file their tax return. Taxpayers born before Jan. 2, 1955, have the option to file Form 1040-SR whether they are working, not working or retired. The form allows income reporting from other sources common to seniors such as investment income, Social Securit

Tax Tip: Start Planning Ahead! It is never too early to start thinking about the upcoming tax season. Don't procrastinate and be prepared for the tax reform changes that have been implemented this year. Under the Trump Administration, there have been several tax changes that may impact you or your business. Here are some changes that may impact you: Tax Reform: Business Impact There are many business considerations, including the corporate tax rate, limitations on net interest expense, full expensing of business assets, changes to net operating loss deductions, limitation of like-kind exchanges, limitation on deductibility of FDIC premiums, corporate alternative minimum tax, rules for recognition of income, changes to business tax credit, the modified limit on excessive compensation, and the modified deduction for meals and elimination of entertainment expenses. Not being able to claim the same expenses as before may lead to higher taxes! Tax Reform: Individual Impact Indiv

What is the Dark Web? As a tax accountant, I see and witness many clients falling victim to identity theft. Because of this, I make it my responsibility to bring awareness to the issue as much as I can. Recently, I came across an AARP article discussing what the Dark Web is. I found the article to be interesting and believe it is something of value to my blog readers. The intelligence and skill behind hacking are so advanced with today's technology; it is scary and difficult to know how to protect yourself from it. I encourage you to read AARP's article and share with friends and family. For more questions, our accountants at Cunningham Tax Help have the resources that can help you and your situation.  We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461 AARP Article:  https://www.aarp.org/money/scams-fraud/info-2018/what-is-the-dark-web.html Follow me! Twitter: @thetaxlady4u And ask me about Po

IRS Announces Major Changes to Form W-4! Earlier this week the IRS and Treasury Department announced that the major changes for Form W-4 are to be delayed until the tax year 2020. These changes were planned to be made in 2019, however, after sharing the drafted version, the  IRS and Treasury Department listened to feedback and decided to postpone the changes. Minor changes will be made to the 2019 W-4, but it will remain largely consistent with the present draft.  In the meantime, it is important for individuals to learn how these changes may impact their personal finances. The IRS encourages taxpayers to use  the paycheck checkup at  https://www.irs.gov/payments/tax-withholding  and  review their withholding situation. By doing so, you can ensure withholding is not under-withheld or over-withheld. If under-withheld, there is a chance of having to pay taxes at the end of the year or receiving a smaller refund. Don't ignore this issue u ntil it is tax season.  For more questi