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REPORTING TIP INCOME: THE BASICS - MAR 2020 (Money)
The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from t...
Mukesh Makker
NEW TAX LAW AFFECTS TAX-EXEMPT ORGANIZATIONS - MAR 2020 (Money)
The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years. As such, tax-ex...
Mukesh Makker
FORM 8962: RECONCILING THE PREMIUM TAX CREDIT - MAR 2020 (Money)
Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also affect a taxpayer's ability to get advance payments of the premium tax credit or cost-sharing red...
Mukesh Makker
TAX TREATMENT OF STATE AND LOCAL TAX REFUNDS - MAR 2020 (Money)
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other t...
Mukesh Makker
HOME EQUITY LOAN INTEREST STILL DEDUCTIBLE - MAR 2020 (Money)
The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite new...
Mukesh Makker
NEW RULES FOR DEPRECIATION AND EXPENSING - MAR 2020 (Money)
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and p...
Mukesh Makker
IT'S NOT TOO LATE TO MAKE AN IRA CONTRIBUTION - MAR 2020 (Money)
If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to eit...
Mukesh Makker
WORKER CLASSIFICATION: EMPLOYEE VS. CONTRACTOR - MAR 2020 (Money)
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent cont...
Mukesh Makker
ARE SOCIAL SECURITY BENEFITS TAXABLE? - MAR 2020 (Money)
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.Generally, you pa...
Mukesh Makker
WHAT TO DO IF YOU ARE MISSING IMPORTANT TAX FORMS - MAR 2020 (Money)
If you are ready to file your taxes but are missing important tax forms here's what you should do:FORM W-2You should receive a Form W-2, Wage and Tax Statement, from each of your employers...
Mukesh Makker

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