Tips for Taxpayers Who Make Money From a Hobby

Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return. Generally, if someone has…

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Paige Catherine Haines joins Jarrard, Nowell & Russell

Charleston, S.C. – Jarrard, Nowell & Russell, LLC (JNR), a Charleston-based accounting and business advisory firm, has added Paige Catherine Haines as a bookkeeper in the N. Charleston office. In this role, Haines is responsible for recording all financial cost transactions and income, as well as analyzing and summarizing account information for clients in order…

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2020 Tax Withholding: the new Form W-4

The redesigned Form W-4 makes it easier for withholding to match tax liability. While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees. Here’s what taxpayers should know about the new Form W-4 for 2020: Five Steps The form…

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Tax Filing Season Begins

Another New Design for Form 1040 The new 2019 Form 1040, which was redesigned last year to be “postcard-sized” has been revised yet again. As with last year’s design, the form gathers information about the taxpayer(s) and dependents. It is also the form you need to sign and date when filing your return. New for…

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Important Tax Changes for Individuals and Businesses

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2020, a number of tax provisions are affected…

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Tax Breaks for Taxpayers Who Itemize

1. Deducting state and local income, sales and property taxes. The deduction that taxpayers can claim for state and local income, sales and property taxes is limited to a combined, total deduction of $10,000 – $5,000 if married filing separately. State and local taxes paid above this amount can’t be deducted. 2. Refinancing a home.…

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Starting a Home-Based Business

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based business people. And with technological advances in smartphones, tablets, and iPads…

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What’s New for the 2020 Tax Filing Season

While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. New, Revised or Updated Tax Forms Form 1040: Revised and Redesigned The IRS released a draft Form 1040 for 2019 tax returns that has been updated from the 2018…

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Individual Taxpayers: Recap for 2019

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2019 is $24,400. For singles…

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Tax Benefits of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. What…

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