Certain food and beverage establishments are able to claim a credit for social security and Medicare taxes paid or incurred by the employer on certain employees’ tips. The following criteria must be met to claim the credit: Have had employees…
You’ve signed your individual tax return along with the authorization forms allowing BakerStarrett LLP to electronically file your tax returns. You’re done right? That depends on if your tax return shows a refund or amount due. If you owe While…
An independent division within the IRS called the Taxpayer Advocate Service (TAS) recently pulled back the curtain and provided some transparency into the process your tax return goes through when it is received by the IRS. The Taxpayer Roadmap attempts…
The Social Security Administration (SSA) announced that the wage base for Social Security will increase from $132,900 to $137,700 for 2020. This is an increase of $4,800. If employers and employees exceed this wage base they will be paying an…
Many educational and financial institutions prompt students and customers to receive their tax documents electronically. While electronic delivery saves on paper and mailing costs, it requires additional steps from you, the taxpayer. Below are a few pointers on how to…
This blog compiles a list of common tax documents that you should send to BakerStarrett so that we can accurately complete your 2020 tax return. Please remember that while most tax documents are mailed to you, many financial and educational…
It’s mid-January again, and it finally feels like winter has arrived in Central Iowa. Which must mean it’s time to start thinking about tax season! I outline below 4 easy ways to get organized to make this tax season a…
Are you a retired or a retiring farmer who is renting or crop sharing with a beginning farmer? If so, this blog is for you! The 2020 application for the Beginning Farmer Tax Credit has been released and applications are…
Beginning January 1, 2020 the standard mileage rates are: 57.5 cents per mile for business miles driven (down from 58 cents in 2019) 17 cents per mile for medical or moving purposes (down from 20 cents in 2019) 14 cents…
Notice 2019-55 released the 2019-2020 special per diem rates for those in the transportation industry to be effective as of October 1, 2019. The new meal and incidental expenses (M&IE) rates for truckers is $66 per day. This is the…