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Philip L. Liberatore, CPA Blog

Finalized Employee’s Withholding Certificate 2020

The IRS on Dec. 5 released a significantly revised Form W-4 for employees’ use when calculating their 2020 federal income tax withholding. The finalized form follows a draft version the IRS issued in May seeking comments from tax preparers and payroll companies. For the 2019 tax year, there are no withholding allowances, and “allowances” was removed from … Read More

Tax Benefits for Holiday Family Employment

Article Highlights: Employing a Child Child Payroll Taxes FUTA Tax for a Child Child IRA Contributions Child Tax-Free Income Spouses Working in the Same Business Partnership Spousal Joint Venture Spouse Employee Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having … Read More

Helpful Tax Tips For 2019

Article Highlights: Education Credit Avoiding Underpayment Penalties Strategy Spouse IRA Strategy Qualified Charitable Distributions Medical Expenses Election to Deduct Start-Up Costs State and Local Tax (SALT) Deductions Electric Car Credit Alimony Heath Insurance Penalty Cryptocurrency Transactions Qualified Opportunity Funds Solar Credit As the year draws to a close, we have pulled together a number of … Read More

Tax Benefits for People With Disabilities

Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer specially … Read More

Take Tax Advantage of a Low-Income Year

Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who … Read More

Year-End Tips for Charitable Contributions

Article Highlights: Watch Out for Charity Scams Tax Exempt Organization Search Tool Tax Benefits of Charitable Contributions Bunching Deductions Qualified Charitable Distributions Substantiation As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some … Read More

Take Advantage of the Education Tax Credits

Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Who Gets the Credit? Qualified Tuition and Related Expenses Eligible Educational Institutions Form 1098-T Scholarships Tax Fraud As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many … Read More

Updated W-4 for Tax Year 2020

The redesigned Form W-4 employs a building block approach to replace complex worksheets with more straightforward questions that make it simpler for employees to figure a more accurate withholding. While it uses the same underlying information as the old design, the new form uses a more personalized, step-by-step approach to better accommodate individual taxpayer needs. … Read More

Tax Changes For 2019

Article Highlights: Medical Threshold Electric Vehicle Credit Phaseout Alimony Finalization of State- and Local-Tax Deduction Limitation Penalty for Not Being Insured Qualified Opportunity Funds Seniors’ Special Tax Form Family and Medical Leave Credit Inflation Adjustments Form W-4 Revision As the end of the year approaches, now is a good time to review the various changes … Read More

Should You Have an Identity Protection PIN?

Article Highlights: Taxpayer First Act Taxpayer Notification when a SSN is Fraudulently Used Purpose of an IP PIN Obtaining an IP PIN Is an IP PIN Right for You? With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity … Continue reading...

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