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IRA Contribution Age Restriction Removed By Congress

IRA Contribution Age Restriction Removed By Congress

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

Qualified Charitable Distribution (QCD) Provision Gets a New Twist

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

Why Basis Is So Important in Determining Valuation at Tax Time

Basis is used to calculate depreciation, casualties, and depletion, as well as gains or losses on disposition of an asset.
Fiducial's COVID-19 Online Resources

Fiducial's Online COVID-19 Small Business Resources

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?

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

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?

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

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

How to Lead Your Busines Through a National Emergency

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.

Hobby or Business? It Makes a Difference for Taxes.

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?

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

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

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

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

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

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?

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

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

Using an S Corporation May Help Business Owners Reduce Tax

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?

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

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?

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

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

Eldercare can be a Medical Tax Deduction

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