What Changes are in the New W-4 Form for 2020?

Changes are in the New W-4 Form

Amherst, NH Taxpayer Has Questions

The biggest change to the new W-4 Form, debuting in 2020, is that there are no longer withholding allowances.  Previously, more allowances claimed would mean that less of your paycheck would be taken for taxes.  Instead, questions such as filing status, family income, dependents and the tax deductions that you plan to claim will be asked to determine your withholdings. 

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How to Track Mileage Easily for Tax Deductions

Track Mileage Easily for Tax Deductions

Nashua Resident Seeks Suggestions

The mileage that you drive each year for business purposes can really add up, making this a significant deduction on your taxes.  Whether a company vehicle, or your own car for business purposes, the 2019 deduction is 58 cents per mile.  It is important to keep excellent track of this mileage as a record in the event of an IRS audit.

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How the Gift Tax Works

How the Gift Tax Works

Amherst Resident Seeks Advice

Giving more than $15,000 in cash or assets to one person may mean that you have to a file a gift tax return at the end of the year.  What qualifies as a gift by the IRS may surprise you, including paying for a child’s wedding, adding cash to an elderly family member’s bank account and even gifting a car.  While all of these may not require you to pay a gift tax, you will need to file IRS Form 709 to fully disclose the information.

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What is a Tax Lien?

Tax Lien

Nashua Resident Looks for Help

When an individual or business has failed to pay taxes that are owed, the federal or state government can place a lien on their property and other assets.  This lien can be removed if the parties are able to come to a payment agreement to settle the back taxes.  If no agreement is made and there is no repayment, the property can be seized with the option to sell it at auction to pay the back taxes.

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Save Money On Taxes During Retirement

Save Money on Taxes During Retirement

Nashua, NH Couple Looks For Suggestions

One of the easiest ways to keep your tax bill down in retirement is with a Roth IRA.  With this account, contribution withdrawals and money earned are tax-free.  A health savings account or HSA is a good way of setting aside money for medical expenses, tax-free. 

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How a Mortgage Can Reduce Your Tax Bill

How a Mortgage Can Reduce Your Tax Bill

Milford, NH New Homeowners Seek Advice

The money paid toward your mortgage interest reduces your adjusted gross income.  This brings down your taxable income, in some circumstances even putting you in a lower tax bracket.  To take advantage of this potential savings, you must deduct your mortgage interest from your annual tax bill.           

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Can a Home Office Be Considered a Business Expense

Hudson Resident Looks for Answers

One deduction that can add up for small business owners is the home office.  However, take this deduction carefully as it can trigger an IRS audit.  You can qualify for this deduction if the area is used exclusively and regularly for business purposes.  This area must be used as the principal location for the business, or it is a place where you regularly meet with customers.

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