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INDIVIDUAL UPDATE – 2020

Filing Due Date – The filing due date for Form 1040 (individual tax return) is April 15, 2020. Alimony – Effective January 1, 2019, alimony or separation maintenance payments are no longer deductible by the payor, nor includible in the income of the payee. This change does not impact divorce or separation agreements entered into…
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BUSINESS TAX UPDATE

Due Dates of Business Tax Returns – The filing date for Form 1065 (Partnership return) was revised in 2016. The new filing deadline for 2019 Form 1065 is March 16, 2020. With this change, both Form 1065 and Form 1120S (S Corp return) will be due on March 16th. Additionally, Form 1120 (C Corp return)…
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2020 TAX UPDATE: Payroll Items

Now is a good time to take a careful look at what has changed within the tax laws. Here are some of the many considerations that taxpayers should be aware of for 2019 and 2020. 2020 PAYROLL ITEMS Social Security Wages – Social Security wages for 2020 increases to $137,700, an increase of $4,800 from…
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How to Use Your Accountant to Get More Profitable Legal Contracts

At Malloy, Montague, Karnowski, Radosevich & Co., P.A., we provide a full range of accounting and tax services to help clients reduce taxes.    Every legal contract and business deal have underlying tax consequences. Often, they are overlooked unless a tax advisor is proactively involved.    We help our clients reduce taxes before agreements are…
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