Newsletters
What to do when excess social security tax is withheld
Posted August 2019
If you are switching jobs or working two jobs as an employee and your total wages for the calendar year will exceed the social security wage base ($132,900 in 2019), you may be overpaying social security tax. Unfortunately, you cannot stop the withholding. However, you will get a credit on your next tax return for any excess withheld.
Updated individual returns – new “easy” return for seniors
Posted August 2019
The IRS has released a draft of the new simplified individual income tax form, Form 1040-SR. This form may be used by taxpayers 65 and over (senior taxpayers) for the tax year 2019 and future returns. It is similar to Form 1040-EZ but without the limitations that restricted the use of Form 1040-EZ.
Can I deduct business trip expenses for my spouse?
Posted August 2019
The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you cannot deduct the travel costs of a spouse, even if his or her presence has a bona fide business purpose, unless the spouse is a bona fide employee of your business. This requirement prevents deductibility in many cases.