SEYMOUR & PERRY, LLC | BLOG

Depending on your type of employment, level of income, and the previous tax year, you may be required to make estimated payments. Estimated payments are essentially a series of pre-payments made toward an individual or corporation’s tax liability for the current tax year. Usually paid on a quarterly basis, estimated payments help taxpayers avoid unnecessary penalties and prevent an unexpectedly high tax bill come tax season.

The FFCRA requires private employers with fewer than 500 employees to provide employees with paid sick leave or expanded family and medical leave for reasons related to COVID-19. This requirement is also mandatory for certain public employers. The provisions are effective from April 1st, 2020 through December 31st, 2020. If a small business has fewer than 50 employees and its viability would be jeopardized by providing paid leave due to school closings or childcare unavailab

Contrary to popular belief, your income is not taxed at a single rate determined by your tax bracket. Instead [...]

If you spent money on education-related expenses for yourself or a dependent this year, you are likely eligible for a tax benefit on your 2019 return. Continue reading for answers to common questions regarding education-related tax deductions and credits [...] If your modified adjusted gross income is $65,000 or less (or $130,000 if married filing jointly), you may claim a deduction of up to $4,000. If your MAGI is between $65,001 and $80,000, you may claim [...]

Did you know that you may be able to deduct local and state taxes on your 2019 tax return? This option is available to taxpayers who choose to itemize deductions on their tax return; if you choose to take the standard deduction, you may not deduct state or local taxes. If you are eligible to itemize state and local taxes on your return, you may only deduct taxes that were imposed on you and that you have paid during the tax year. This means that you cannot deduct taxes paid

If you’re wondering whether you can deduct medical or dental expenses on your 2019 tax return, the answer is...maybe. If you take the standard deduction on your federal tax return, you may not deduct any medical or dental expenses. If you choose to itemize your deductions instead, you may deduct eligible medical/dental expenses that exceed 7.5% of your adjusted gross income (AGI) for 2019. For tax year 2020, this threshold will increase from 7.5% to 10% of your AGI. [...]

Whether you freelance or own a small business, being self-employed comes with a host of challenges and responsibilities, including unique tax requirements. If you are considered self-employed for tax purposes, it is up to you to accurately track and report your income and make any required tax payments. Maintaining a clear understanding of your tax responsibilities will give you peace of mind during tax season and throughout the rest of the year. [...]

As the decade comes to an end, tax season draws near. If you are looking for ways to reduce your taxable income, you may be surprised at just how easy it can be to lower your tax bill. Follow these suggestions to help you save this tax season. If your last tax bill was larger than expected, you can avoid another unpleasant surprise next tax season by adjusting your withholding amount. You can change your withholding amount at any time by filing a new W-4 form with your empl

When you hear the word "taxes," what comes to mind? Income taxes may take center stage in your mind's eye at the first thought of taxation, especially during tax filing season. You are probably familiar with property tax and sales tax, as well; but did you know that there is a plethora of other tax categories? Though we are certainly acutely aware of some taxes, others are levied more sparingly or are less obvious to consumers.

If you have recently gotten divorced from your spouse, the process of filing taxes may feel particularly daunting this year. You probably have some questions relating to filing status, the tax implications of paying or receiving child support, or other topics. To help you navigate the upcoming tax season, we’ve answered some commonly asked questions below. Armed with a bit of information and the expertise of a reliable accounting firm, you’ll breeze through the 2019 tax seaso

Did your family grow this year? Our tax tips for new parents will help ensure a smooth tax season for your family.

If you got married this year, congratulations! As you navigate the many changes that come with this major life event, be sure to consider the tax implications involved. To help you avoid a headache in the coming tax season, we’ve answered some common questions to help you determine your new tax filing status. If you are married on the last day of the tax year for which you are filing, you and your spouse must file as a married couple. In order to declare yourself married on