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You may have been told that you should put down 20% to buy a home. This may give you more choices and let you avoid private mortgage insurance, but this large amount may not be prudent, or necessary, in all circumstances. Some experts advise keeping your mortgage down payment small — a strategy that sets you up so you'll be better assured of liquidity when life happens.
Mothers and fathers have been navigating maternity and paternity leave policies for decades. Unfortunately, the U.S. has one of the least impressive frameworks for this time off in place. But with knowledge and planning, you can make this time work for you and your employees.
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:
If you engaged in certain financial transactions during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. Below are some of the transactions that you have to report.
Here's the good news: You can start taking your Social Security payments as early as age 62. However, it may not be in your best interest to do so, as payments will be less than if you can get by on other income streams. The key to making the right decision is taking into account a variety of factors.
Each type of business entity has pros and cons as well as tax consequences. This article offers some basics about two of the most popular business formats: sole proprietorships and partnerships.
Despite all the gridlock in Washington, as well as an impeachment, the SECURE Act has passed. It changes a number of important retirement plan rules. The act runs over 120 pages, so the experts will be poring over it for some time. Meanwhile, a number of sources have weighed in on what they think are the key provisions. (Note that last-minute alterations and more detailed analysis may lead to additional changes in the coming weeks.)
When you turn 65, you will not get a letter announcing that it's time to start making decisions about Medicare. But there is a timetable — you can start signing up three months before you turn 65, and you have three months after your birthday month to enroll.
The IRS has been promising a new version of Form W-4, Employee's Withholding Certificate, for some months, and it recently published it, with a brief announcement in its e-News service. The form is very similar to a draft version published earlier in 2019. Although the IRS has not yet published extensive new guidance, it did outline the changes in a FAQ list.
A lookback period is the length of time that the IRS uses to measure the amount of taxes paid by an employer. The lookback period also helps the employer determine its deposit schedule.
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January 2020
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