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Tax Filing Opens February 12th 2021

By |2021-01-27T16:50:47-05:00January 27th, 2021|Charitable Contributions, Coronavirus, Earned Income Tax Credit, Employees & Independent Contractors, Individual Income Tax|

The IRS announced they will begin accepting electronically filed tax returns on February 12th 2021. Here are some important reminders before you file. Source: IRS.gov Issue Number:    IR-2021-23 Important reminders before filing 2020 tax returns WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today [...]

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2020 Tax Checklists & Virtual Appointments Available Now

By |2021-01-28T11:34:46-05:00January 10th, 2021|AFSG|

The 2020 tax filing season is underway. Every year, AFSG provides you with detailed checklists to help you stay organized and up to date on the current tax laws. Below are links to our 2020 checklists, worksheets, and virtual appointment options. The impact of COVID-19 on our lives, economy, laws, [...]

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Key Tax Law Changes for Tax Year 2020

By |2021-01-17T09:53:36-05:00January 1st, 2021|Coronavirus, Corporate Income Tax, Employees & Independent Contractors, Employers, Individual Income Tax, News Articles, Retirement|

COVID-Related Tax Relief Acts On December 23, 2020, Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security [...]

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The New Form 1099-NEC Summarized

By |2021-01-02T10:27:22-05:00December 2nd, 2020|Employees & Independent Contractors, Employers, Payroll|

  1099-NEC: Use For Non Employee Compensation for Independent Contractors of $600 or more Someone who is not an employee, who provided services Can go to an individual, parternship, estate, or corporation Should inlcude payments for services AND payments for parts or materials used to perform the services Examples: Attorneys, [...]

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Tax Advice for Locums Tenens

By |2021-02-07T13:47:14-05:00October 7th, 2020|401(k) & 403(b), Business Start-Ups and Closures, Corporate Income Tax, Employees & Independent Contractors, Employers, Individual Income Tax, Payroll, Retirement, Traditional IRA|

As a locum tenens provider, you’re considered an independent contractor and you need to be prepared to pay your own taxes. Your hiring firm may not be required to withhold any federal or state taxes from your compensation. Additionally, you’ll most likely need to remit estimated taxes each quarter to [...]

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Are you using the correct terminology when discussing IRA’s?

By |2020-10-01T09:18:47-04:00October 1st, 2020|Individual Income Tax, Retirement, Traditional IRA|

Source: IRS.gov - Issue Number: Tax Tip 2020-129 Terms to help taxpayers better understand Individual Retirement Arrangements Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a bank or other [...]

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A tax checklist for newly married couples

By |2020-09-14T16:29:10-04:00September 16th, 2020|Individual Income Tax|

IRS.gov - Issue Number: Tax Tip 2020-118 Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes - Name. When a [...]

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Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise

By |2020-08-25T14:40:18-04:00August 25th, 2020|Coronavirus, Employees, Employees & Independent Contractors, Individual Income Tax, Penalties and Interest, Tax Payments|

IRS.gov IR-2020-185, August 18, 2020 WASHINGTON — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income [...]

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Did You Receive $500 per Child Stimulus Payment?

By |2020-08-14T14:27:29-04:00August 14th, 2020|Coronavirus, Individual Income Tax, Parents and Children|

Issue Number:    IR-2020-180                                                                          IRS.gov IRS takes new steps to ensure people with children receive $500 [...]

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Working from Home? Here’s what you should know about the home office deduction

By |2020-08-06T15:26:30-04:00August 6th, 2020|Business Start-Ups and Closures, Coronavirus, Corporate Income Tax, Employees & Independent Contractors, Home Owners|

Source: Tax Tip 2020-98: Here’s what taxpayers need to know about the home office deduction www.irs.gov Here’s what taxpayers need to know about the home office deduction The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home [...]

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