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Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave

Submitted by Eck, Schafer & Punke, LLP on March 23rd, 2020

Below is the link to IRS News Release IR-2020-57 regarding Coronavirus-Related Paid Leave for Workers and Tax Credits for Businesses.

This was released on Friday March 20th as a follow up to the Families First Coronavirus Response Act which was signed into law by the President on Wednesday March 18th. 

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Do you have a side gig? Make sure you understand your tax obligations

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services.

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2020 Q1 tax calendar: Key deadlines for businesses and other employers

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

January 31

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Medical expenses: What it takes to qualify for a tax deduction

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.

The basic rules

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What is your taxpayer filing status?

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December 31.

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Small businesses: Get ready for your 1099-MISC reporting requirements

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS.

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IRA charitable donations are an alternative to taxable required distributions

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.

IRA distribution basics

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Accelerate depreciation deductions with a cost segregation study

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.

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Watch out for tax-related scams

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months.

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Take advantage of the gift tax exclusion rules

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For 2019, the exclusion is $15,000.

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227 South 7th Street, Springfield, Illinois 62701 United States

227 South 7th Street
Springfield, Illinois
62701 United States

  •  Tel: (217) 525-1111
  •  Fax: (217) 525-1120
  •  hkern@espwms.com

Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC 

Investment advisory services offered through Avantax Advisory ServicesSM​.

Insurance Services offered through an Avantax affiliated insurance agency.

Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

The Avantax family of companies exclusively provide investment products and services through its representatives.  Although Avantax Wealth ManagementSM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. 

This information is not intended as specific tax or legal advice.  Please consult our firm and your legal professional for specific information regarding your individual situation.

Content, links, and some material within this website may have been created by a third-party for use by an Avantax affiliated representative.  This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth MangaementSM or its subsidiaries.  Avantax Wealth ManagementSM is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.

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