No matter what the reason for your move may be, it's important to be aware of the implications for your taxes when you relocate to a new state. In this article, learn more about establishing residency, part-year tax returns, and more.
ADVANTUMTAX.COM
How to File Taxes After Moving to a New State
If you have lost your job, there are a number of tax issues that you may encounter. They include severance pay, unemployment compensation, health insurance, pension plans and possibly a home sale. How you deal with these issues can profoundly impact your taxes and finances.
ADVANTUMTAX.COM
Tax Consequences of Losing Your Job
It matters how you get there. Wednesday Wisdom from Advantum Tax and Accounting Services
U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S. Treasury's Financial Crimes Enforcement Network or face severe penalties.
ADVANTUMTAX.COM
Foreign Account Reporting Due October 15
If you're like most entrepreneurs, you probably cringe at the thought of starting a new business in the midst of a recession. In reality, these periods of downturn may actually be the ideal time to launch your new startup.
ADVANTUMTAX.COM
Actually, a Recession is a Great Time to Launch That New Startup
Advantum Tax and Accounting Services - Some Monday Motivation for our friends and colleagues.
Get ready for the week: Advantum Tax and Accounting Services has motivation for your Monday.
Some insider tax knowledge from Advantum Tax and Accounting Services.
Gambling income can affect your taxes in more ways than you might believe, including causing your Social Security income to be taxed, reducing your health care subsidies through government marketplaces, paying higher Medicare B & D premiums, having additional filing requirements, and limiting or reducing a number of tax deductions and credits.
ADVANTUMTAX.COM
Gambling and Tax Gotchas
It matters how you get there. Wednesday Wisdom from Advantum Tax and Accounting Services
President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
CNBC.COM
Trump says he's calling off stimulus negotiations with Democrats 'until after the election'
You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. A living trust is an estate-planning tool that is customized to suit the special circumstances of the individual it was created for but does not provide any estate tax or income tax benefits.
ADVANTUMTAX.COM
Is a Living Trust Appropriate for You?
An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.
ADVANTUMTAX.COM
Don't Miss the Opportunity for a Spousal IRA
Make your Monday great with this motivation from Advantum Tax and Accounting Services
First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
ADVANTUMTAX.COM
What Happens if I Missed the October 15th Tax Extension Deadline?
Your Friday tax fact from Palo Alto based Advantum Tax and Accounting Services.
Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.
ADVANTUMTAX.COM
12 Financial Metrics Small Business Owners Should Track
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.
ADVANTUMTAX.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
Small business owners: as we inch closer to the end of the year, it's a great time to be thinking about tax planning strategies for your business. Here are some ideas that can be beneficial at any time of year.
ADVANTUMTAX.COM
Preparing for 2021: Tax Planning Strategies for Small Business Owners
Set yourself up for success with Monday Motivation from Advantum Tax and Accounting Services
We all have our favorite game shows such as Wheel of Fortune, The Price is Right, and Let's Make A Deal, and we love to have the contestants win big. Unfortunately, those winnings are taxable on the contestant's state and federal tax returns. See what can happen by watching this video.
Did you receive an IRS CP2000 notice (also known as an underreporter inquiry) in the mail? First step: Contact our office. Second step: Don't panic. We'll help you through the whole process.
ADVANTUMTAX.COM
What Happens if I Receive an IRS CP2000 Notice?
Here's your tax fact of the week from your friends at Advantum Tax and Accounting Services.
It is a common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a low fair market value, it would be treated as a de minimis fringe benefit. As such, it would be tax-free to the employee, and its cost is tax deductible by the employer.
ADVANTUMTAX.COM
Employee Holiday Gifts May Be Taxable
A little inspiration from Advantum Tax and Accounting Services to start your week.
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. Watch this short video to see if the new rates will affect your business.
For those who love learning: here's a tax fact from Advantum Tax and Accounting Services.
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
ADVANTUMTAX.COM
Day Trader Rules and Tax Treatment
Tap into your full potential. Wednesday Wisdom from Advantum Tax and Accounting Services
If you were a victim of a major natural disaster, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 has special rules about retirement plan and IRA distributions, retirement plan loans, how to compute disaster losses, and relief for non-itemizers. Employers may qualify for a new employee-retention credit.
ADVANTUMTAX.COM
Tax Relief for Victims of 2020 Natural Disasters
