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Taxes Archives |

Crypto Currency

Did you at any time during 2019, receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?   Yes or no? Big brother wants to know. This is an important question for the 2019 tax filing in early 2020. The IRS has redesigned...

Social Security Limits

The Social Security wage base rises next year to $137,700, this is a $4,800 hike. The Social Security tax rate on employers and employees stays pat at 6.2%. Both will continue to pay the 1.45% Medicare tax on all compensation, with no cap. Individuals also pay the...

Social Security Number

If you have a child due towards the end of the year be sure your child has a Social Security number if claiming the child credit. Listing applied for is no longer an option. You must put the SSN on the Form 1040 to get the $2,000 credit. Eligible children without SSNs...

Health Coverage

People who choose to go without health coverage will find it easier to fill out their 2019 tax returns. The 2017 tax reform law repealed the fines under Obamacare’s individual mandate for post-2018 years. So those taxpayers who chose to forgo getting health insurance...

Sales Tax Audit

A business manager called in a bit of a panic.  It seems that their bookkeeper had quit four months before and they received a notice that they are now being audited by the Illinois Department or Revenue for their Sales Taxes for 2017 to 2019. I went to meet with the...

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