Fiducial Blog

IRA Contribution Age Restriction Removed By Congress

March 30, 2020

Effective for tax years beginning in 2020, for individuals who otherwise qualify, Congress has removed the IRA contribution age restriction.

Qualified Charitable Distribution (QCD) Provision Gets a New Twist

March 27, 2020

Those age 70½ + can transfer up to $100,000 annually from IRAs to qualified charities. This transfer are called a qualified charitable distribution (QCD).

Why Basis Is So Important in Determining Valuation at Tax Time

March 25, 2020

Basis is used to calculate depreciation, casualties, and depletion, as well as gains or losses on disposition of an asset.

Fiducial's Online COVID-19 Small Business Resources

March 23, 2020

Fiducial understands that the current COVID-19 situation is an unprecedented and difficult time to navigate as a small business. Fiducial is providing the following resources to help guide you, content will be updated and added to these sites as it becomes available.

Is that IRS Letter a Tax Scam or Something You Need to Address?

March 23, 2020

You need to decide whether the IRS letter you received is a scam or something you need to address. Fiducial wants you to consider some tips and information.

Did You Pay Tax on Home Mortgage Debt Relief in 2018?

March 20, 2020

Congress has retroactively extended home mortgage debt relief. If you paid tax on forgiven home acquisition debt income in 2018, your return can be amended.

How to Lead Your Busines Through a National Emergency

March 19, 2020

A National Emergency such as COVID-19 can affect your small business more than you imagined, Fiducial is here to help you through this difficult time.

Hobby or Business? It Makes a Difference for Taxes.

March 18, 2020

For-profit and not-for-profit business (hobby) ventures have different tax rules that can be confusing. Recent tax law changes have added to this.

Form 941: Do I Need to File If I Had No Employees This Quarter?

March 16, 2020

Employers must submit form 941 quarterly. If you do not pay employees during a given quarter, you must still submit it, with a few exceptions.

Business or Pleasure? Tax Deductions for Travel of the Self-Employed

March 13, 2020

If a business trip incorporates a vacation, special rules determine tax deductions for travel expenses. If you are self-employed, here are the rules.

Tax Benefits and Kids: If Your Kids Work, You May Get a Tax Break

March 11, 2020

What do you know about the tax benefits kids receive for working? Fiducial has a primer on the tax benefits of putting your kids to work.

What is an IRS Penalty Abatement and Am I Eligible for One?

March 9, 2020

Several types of IRS penalties can be assessed against you. But the IRS can issue a penalty abatement if you think you’ve been wrongly penalized.

Using an S Corporation May Help Business Owners Reduce Tax

March 6, 2020

Is your business a sole proprietorship or an LLC? Are you paying both income tax and self-employment tax? You may cut your taxes by using an S corporation.

Does Your Tax ID Number (ITIN) Need to be Renewed?

March 4, 2020

According to the IRS, just about 2 million tax ID numbers (ITINS) will expire at the end of 2019. Need to renew your tax ID number? Learn how with Fiducial.

What Are My Chances of Being Audited and How Can I Reduce Them?

March 2, 2020

Your chances of being audited are pretty rare. Fewer than 1% of taxpayers will get that notice on IRS letterhead. Here are some tips to lower your chances.

Eldercare can be a Medical Tax Deduction

February 28, 2020

Many individuals are serving as care providers for loved ones, the cost of caring for them may be deductible as a medical expense.

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IRA Contribution Age Restriction Removed By Congress

Qualified Charitable Distribution (QCD) Provision Gets a New Twist

Why Basis Is So Important in Determining Valuation at Tax Time

Fiducial's Online COVID-19 Small Business Resources

Is that IRS Letter a Tax Scam or Something You Need to Address?

Did You Pay Tax on Home Mortgage Debt Relief in 2018?

How to Lead Your Busines Through a National Emergency

Hobby or Business? It Makes a Difference for Taxes.

Form 941: Do I Need to File If I Had No Employees This Quarter?

Business or Pleasure? Tax Deductions for Travel of the Self-Employed

Tax Benefits and Kids: If Your Kids Work, You May Get a Tax Break

What is an IRS Penalty Abatement and Am I Eligible for One?

Using an S Corporation May Help Business Owners Reduce Tax

Does Your Tax ID Number (ITIN) Need to be Renewed?

What Are My Chances of Being Audited and How Can I Reduce Them?

Eldercare can be a Medical Tax Deduction