Will you pay more taxes on Social Security in 2020? Iryna Sam, CPA and Tax Supervisor at WFFA, details what you need to know about Social Security taxes in the upcoming year.
Author Archives: Iryna Sam
Taxpayers that own rental property with gross receipts from residential or nonresidential uses should be familiar with the rules on accounting for depreciation. Let’s see some rules about buildings or structures qualifying as residential or nonresidential property, and application of the change-in-use regulations if a rental property changes from residential use to nonresidential use or vice versa.
Did you do your “paycheck checkup”? Are you having the correct amount of tax withheld after changes enacted by the Tax Cuts and Jobs Act? This calculator can help you make sure your withholding still works under the new tax code.
The 2018 tax law changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017, with the greatest allowable deduction for year one now going up to $18,000 (with bonus depreciation) and $10,000 (without bonus depreciation).
The new tax law made changes to how you can depreciate the fixed assets purchased by your business. Here’s what you need to know about the changes to section 179 and bonus depreciation.