Author: mmtaxeseasy

A GIFT OF STOCK

You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. Value of the gift When you gift stock there are not one, but two values…

IRS Announces Common Tax Scams

The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake emails or websites looking to steal your personal information. Remember…

Should You Incorporate Your Business?

You may have started your business as a simple sole proprietorship that files its taxes as a Schedule C on your Form 1040. As your business grows, you may want to change the structure. Here are several scenarios where it may make sense to do just that. Reasons to Create Business Entities Establishing limited liability. The…

NEW Tax Rules for 2020!

Here are several new tax rule 2020 passed this year to consider as you start planning your   tax obligation.   Make up to $300 of charitable contributions. For the new tax rule  2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can…

new tax rule 2020