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Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This ...year, however, with the coronavirus pandemic, the job situation has not been as easy - not to mention that it is starting later than usual. Nonetheless, if you are a high school or college student (or the parent of one) who has been lucky enough to find summer employment, here's what you should know about income earned during the summer months Read more on this topic http://tabstax.com/archive.php?archive=072020#6 Archived list of our articles http://tabstax.com/archive.php Contact us 718-487-4448 for your tax and accounting needs.

Farms include plantations, ranches, ranges and orchards and farmers may raise livestock, poultry or fish, or grow fruits or vegetables. If you're in the farming business or are thinking about it, here are ten things you should know about farm income and expenses. Read more on this topic http://tabstax.com/archive.php?archive=072020#9... Archived list of our articles http://tabstax.com/archive.php Contact us 718-487-4448 for your tax and accounting needs.

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 1/2 before January 1, 2020). The RMD for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS's "Uniform Lifetime Table" and is the minimum amount you must withdraw from your accoun...t each year. Read more on this topic http://tabstax.com/archive.php?archive=072020#8 Archived list of our articles http://tabstax.com/archive.php Contact us 718-487-4448 for your tax and accounting needs.

As a reminder, employers whose business has been financially impacted by COVID-19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their payroll. The credit is worth 50 percent of up to $10,000 in wages paid by an employer. Employers that are eligible for the credit for the first and second quarters of 2020, can apply for the credit when they file their second-quarter filing of Form 941, Employe...r's Quarterly Federal Tax Return, which is due July 31. Read more on this topic http://tabstax.com/archive.php?archive=072020#7 Archived list of our articles http://tabstax.com/archive.php Contact us 718-487-4448 for your tax and accounting needs.

Starting a Home-Based Business More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs - home-based business people. ... http://tabstax.com/archive.php?archive=012020#5 Tabassum Ali President Tax Tabs #taxtabs #smallbusiness #money #homebusiness #smallbusiness #taxpreparationservices See more

Got Debt? Tips to Improve Your Financial Situation If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble, then these steps will help you to avoid financial ruin in the future. ... For more details read our newsletter http://www.tabstax.com/archive.php?archive=012020#4 Tabassum Ali, CPA President Tax Tabs See more

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TAX HUMOR : For all of those who asked me if they can claim their Dog as a dependent on their tax return. Here is a form.

May your heart and home be filled with all of the joys the festive season brings. Merry Christmas from TAX TABS FAMILY.

2018 Inflation Adjustments Updated under Tax Reform: Tax year 2018 annual inflation adjustments have been updated to reflect changes from the Tax Cuts and Jobs Act (TCJA). These tax year 2018 adjustments are generally used on tax returns filed in 2019. The tax items affected by TCJA for tax year 2018 of greatest interest to most taxpayers include the following: ... http://www.tabstax.com/archive.php?archive=092018#3 CALL TAXTABS @ 718-487-4448 for your small business tax and accounting needs. #taxtabs #business #businessman #businesswoman #dentist#smallbusiness#neurologist#specialist#businessowner #entrepreneur #tax #season #photooftheday #instagood #igers #tbt #realestate #love #money #savings #2019 #taxseason #accountant #practice #1 #planning #strategy#quoteoftheday#taxtip #instagram See more

Five Ways to Minimize your Tax Liability If you want to save money on your tax bill next year, consider using one or more of these tax-saving strategies that reduce your income, lower your tax bracket, and minimize your tax bill. ... Read more on this Topic via our newsletter http://www.tabstax.com/archive.php?archive=092018#5 CALL TAXTABS @ 718-487-4448 For tax and accounting needs of your small business. #taxtabs #business #businessman #businesswoman #dentist #neurologist#specialist#businessowner #entrepreneur #tax #season #photooftheday #instagood #igers #tbt #realestate #love #money #savings #2019 #taxseason #accountant #practice #1 #planning #strategy#quoteoftheday#taxtip #instagram See more

Succession Planning: Strategies for Leaving a Business ! Selecting your business successor is a fundamental objective of planning an exit strategy, but it requires a careful assessment of what you want from the sale of your business and who can best give it to you. ... There are four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. The more you understand about each one, the better the chance is that you will leave your business on your terms and under the conditions you want. With that in mind, here's what you need to know about each one. http://www.tabstax.com/archive.php?archive=092018#4 CALL TAX TABS @ 718-487-4448 to Discuss ! #taxtabs #business #businessman #businesswoman #dentist #neurologist#specialist#businessowner #entrepreneur #tax #season #photooftheday #instagood #igers #tbt #realestate #love #money #savings #2019 #taxseason #accountant #practice #1 #planning #strategy#quoteoftheday See more

Tips for Taxpayers: Be Prepared for Natural Disasters: While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it's a good idea for taxpayers to think about - and plan ahead for - what they can do to be prepared. Here’s what taxpayers should keep in mind: ... Read more on this Topic via our Newsletter http://www.tabstax.com/archive.php?archive=092018#10 Call TAXTABS @ 718-487-4448 for Tax and Accounting for Individuals and Small Businesses. #taxtabs #tax #season #records #strategy #disaster # dentists #love#photooftheday #instagood #fashion #smallbusiness #businessman #businesswoman #follow #winter #weather #storm #construction #medical #newyork #chicago #hurricane #money #2019 #1 #puppy#care #salon See more

Ten Tax Tips for Individuals Selling a Home this Year In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. ... Read more on this Topic via our newsletter http://www.tabstax.com/archive.php?archive=092018#9 CALL TAXTABS @ 718-487-4448 For your tax and accounting needs. #taxtabs #home #sale #gain #exclusion #taxes #taxseason #individuals #businesses #realestate #businessman #businesswoman #food #medical #clinic #dentist #partner #restaurant #savings #love #money #fashion #luxury #tips #property #management #happy #instagood #photooftheday See more