The new form takes into account a 2nd job, children under 17 (for the possible child tax credit), and children over 17 (for the possible dependent credit). It also takes into account if your Spouse works as well as any additional income. The new Form W-4 is divided into 5 steps: Step 1 is required; […]
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable […]
Happy Valentine’s Day from the staff at Wamhoff Accounting!
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated […]
Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction […]
Every year, NAEA works with its state affiliates nationwide to have the first week in February proclaimed “Enrolled Agent Week.” For the year of 2020, we are pleased to announce that our governor has issued the state of Missouri an Enrolled Agent Proclamation. As tax season is upon us, NAEA has seen that the state […]