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Philip L. Liberatore, CPA Blog

Phil Liberatore,CPA, Responds to IRS Challenges and Important Tax Preparation Tips for 2020

On January 2, 2020, The IRS announced the official date in which they will begin accepting individual income tax returns for the 2019 tax season. Tax season will officially commence on Monday, January 27th through April 15th. With tax season beginning in less than a week, many Americans can expect to encounter several challenges when … Read More

Above-the-Line Education Tax Deduction Reinstated

Article Highlights: Appropriations Act of 2020 History of the Deduction Other Education Expense Benefits Which Tax Break Provides the Best Benefit On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, among them retroactive extension of certain tax provisions that expired after 2017 … Read More

Will Independent Contractors Become Extinct?

Article Highlights: New California Legislation Employee or Independent Contractor Dynamex ABC Test Impact on Employers Impact on Workers Safe Harbor The California legislature recently passed landmark labor legislation that essentially makes it very difficult, if not impossible, for a worker to be classified as an independent contractor (self-employed). Governor Newsom was quick to sign it … Read More

Congress Allowing Higher Medical Deductions for 2019 and 2020

Article Highlight: Appropriations Act of 2020 Medical AGI Limitations Sometimes Overlooked Deductions Deductible Health Insurance Above-the-Line Health Insurance Deduction for Self-Employed On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about … Read More

2020 Standard Mileage Rates Announced

Article Highlights: Standard Mileage Rates for 2020 Business, Charitable, Medical and Moving Rates Important Considerations for 2020 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a … Read More

Do I Have to File a Tax Return?

Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there … Read More

Congress Passes Last-minute Tax Changes

Article Highlights: Discharge of Qualified Principal Residence Indebtedness Mortgage Insurance Premiums Above-the-Line Deduction for Qualified Tuition and Related Expenses Medical AGI Limits Residential Energy (Efficient) Property Credit Employer Credit for Paid Family and Medical Leave Maximum Age Limit for Traditional IRA Contributions Penalty-Free Pension Withdrawals in Case of Childbirth or Adoption Increase in Age...

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California Bill AB 1482 – Tenant Protection Act of 2019

We aim to keep you up-to-date on the ever-changing legislative landscape. Earlier this year, Governor Gavin Newsom signed the bill into law California Bill AB 1482, also known as the Tenant Protection Act of 2019. This new law will limit rent increases across the state of California to 5% per year plus the local rate … Continue...

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Understanding Your Annual Social Security Letter

Article Highlights: Medicare B Premiums Medicare D Premiums Modified AGI 2020 Premiums Table Effect of Recreational Gambling Appealing the Social Security Administration’s Decision If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 have increased … Read More

How to Cut Your Tax Bill in the Final Weeks of 2019

The main goal of any year-end strategy is to increase the number of tax credits and deductions you can claim, while lowering the amount of income that is subject to tax. Here are some last-minute strategies to cut your tax bill that will come due in April. Maximize the Small Business Tax Break If you’re … Continue reading...

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