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November 19, 2019

1099-MISC forms are typically sent to independent contractors and landlords. File 1099's no later than January 31, 2020. 

W-2's should be issued to employees not later than January 31, 2020.  Copies for the social security administration should be filed no later than January 31, 2020 and can be remitted electronically through Quickbooks without registration. 

File W-3ME online at www.maine.gov/revenue under "electronic services" no later than January 31, 2020. 

Please contract our office if you need assistance with these filings. 

November 19, 2019

The filing deadline to submit 2019  individual tax returns is Wednesday, April 15, 2020. While most states follow suit, there are some exceptions. 

Hawaii returns are due April 20, 2020. Delaware and Iowa returns are due April 30th, 2020. Virginia is due May 1, 2020. Louisiana gives residents an additional month to file state income tax, with a due date of May 15, 2020. 

January 17, 2019

Overview of the Tax Cuts and Jobs Act

Major tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act.

The IRS estimates that they have created or revised more than 400 taxpayer forms, instructions and publications for the filing season just starting. In fact, many forms needed for filing 2018 return have not been finalized yet.

Changes in Tax Rates

For 2018, most tax rates have been reduced. This means most people will pay less tax starting this year. The 2018 tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

In addition, for 2018, the tax rates and brackets for the unear...

January 17, 2019

The 2017 Tax Cuts and Jobs Act made significant changes relating to standard and itemized deductions. The standard deduction is nearly doubled for Individual returns making it more likely that fewer taxpayers will claim itemized deductions and will take the standard deduction instead. 

If your itemized deductions total less than the standard deduction then there is no benefit to itemizing. The standard deductions for 2018 returns are:

$12,000 for single filers and married filing separately 

$24,000 for joint filers

$18,000 for head of household 

For 2018, the additional standard deduction amount for age and/or blindness increases due to cost-of-living adjus...

January 17, 2019

The 2017 Tax Cuts and Jobs Act made significant changes relating to standard and itemized deductions. The standard deduction is nearly doubled for Individual returns making it more likely that fewer taxpayers will claim itemized deductions and will take the standard deduction instead. 

If your itemized deductions total less than the standard deduction then there is no benefit to itemizing. The standard deductions for 2018 returns are:

$12,000 for single filers and married filing separately 

$24,000 for joint filers

$18,000 for head of household

Here is the kicker. The tax benefit of the higher standard deduction may be offset by the elimination of the perso...

January 14, 2019

The 2019 earnings test for the amount of income that benefit recipients can receive without their benefits being reduced each year is $17,640 before full retirement age, and the limit taxpayers can earn in the year they reach full retirement age is $46,920. 

Full retirement age is 66 for people born between 1943 and 1954. Beginning with 1955, two months are added for every birth year until the full retirement age reaches 67 for people born in 1960 or later. 

If you are under full retirement age for the entire year, the Social Security Administration will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2019, that lim...

January 14, 2019


Taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction made under the Tax Cuts and Jobs Act.  

According to the IRS, the amendments specifically deny deductions for expenses for entertainment, amusement, or recreation but do not address the deductibility of expenses for business meals.


Taxpayers may deduct 50% of an otherwise allowable business meal expense if: 

  • The expense is an ordinary and necessary business expense under Sec. 162(a) paid or incurred during the tax year when carrying on any trade or business;

  • The e...

January 14, 2019

Here is a handy guide with tax tables and highlights of tax changes for 2018 individual returns. Source: Journal of Accountancy.

Quick Guide 

January 14, 2019

The optional standard mileage rates for business use of a vehicle will increase in 2019. For business use of a car, van, pickup truck, or panel truck, the rate will be 58 cents per mile. The standard mileage rates can be used to calculate the deductible costs of operating an automobile in lieu of tracking actual expenses. 

The standard mileage rate also can be used as the maximum amount an employer can reimburse an employee for operating an automobile for business purposes without substantiating the actual expense incurred.

Driving for medical care or for certain limited moving expense purposes for members of the armed forces may be deducted at 20 cents...

March 2, 2018

Most individual tax provisions are temporary and expire after 2025. Unless extended by Congress, the provisions will revert automatically to the rules in effect for 2017. 

Standard deductions nearly double to $24,000 for couples, $12,000 for singles and $18,000 for household heads. Taxpayers 65 and older and blind persons get $1,250 more per person ($1,550 if unmarried). The result of this change means that far fewer people will itemize. 

Many deductions have been eliminated. Personal exemptions for individual filers and their dependents are repealed. Except for the military, deductions for job-related moves are eliminated. All miscellaneous write-offs s...

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These articles are summaries and excerpts for a quick read and reference. 
This materials is not intended to constitute tax advice. 

©2020 by Denise Hue.