Current Tax Topics | KJTAX - Online Tax and Accounting Services

1099s for Contractors

There are a few different scenarios for issuing 1099s to contractors: Foreign contractors working outside the US - a 1099 does not need...

1031 Exchanges

A 1031 exchange allow an investor to defer the payment of federal income taxes typically incurred by selling an investment property, as...

New Business Setup

The following is a recommended list of items for setting up your new business. Choose a business structure and register the business...

Self-Employed Tax Deductions

Possible deductions include: HEALTH INSURANCE - conditional, based on whether a self-employed individual is qualified to join their...

Employee Retention Payroll Tax Credit (ERTC)

Highlights of the Employee Retention Tax Credit

$1.9 Trillion American Rescue Plan Tax Highlights

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law. Some highlights... Recovery Rebates $1,400 per...

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COVID-19 Stimulus Update

Details subject to change. Individuals 2019 Tax Deadline 15 July 2020 Stimulus Payments $1,200 for single, $2,400 for married (for...

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Required Minimum Distributions (RMDs)

Tax deferred retirement accounts, such as a traditional IRA account or a 401k plan, require distributions to be taken in the year in...

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The New Business Tax Deduction and Rental Properties

On Friday, January 18th, the IRS released Notice 2019-07 which established a safe harbor under which a rental real estate enterprise...

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Section 529 Plans Can Now Be Used for Private Elementary and High Schools

In the past, parents often used tax-favored Section 529 plans to build up funds for the college education of their children. The new tax...

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Exceptions to the Tax on Early Retirement Withdrawals

There may be times when it is necessary to pull funds out of your retirement accounts. Most retirement plan distributions are subject to...

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