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Showing posts from August, 2019

Five easy steps to lower expenses and decrease spending in 2020

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“Money doesn’t provide happiness.” Sure, but money does provide the things that provide happiness. While I am not here to debate the ideology of wealth, I do want to discuss money and finances in a manner that focuses in on the various techniques and methods people utilize to build wealth and stability. My background is in accounting. My passion for money management and financial technique drew me to the field. Now, I want to share my insights about financial control and financial decision making. To begin, I want to focus on a broad, popular personal financial category. The question: How do I cut costs? How do I lower my expenses? How to spend less money? Each question is of course asking the same thing. We want more money and less expenses. Well, the good thing is if you are reading this post, you have taken the first step in lowering your expenses. Lets begin! The Five Easy Steps to Spend Less and Lower Costs: Recognize your spending habits Analyze your spending

The Latest in Tax News: August 12 - August 18 Edition

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Textbook Tax presents its weekly tax news update. A quick read discussing various tax news, tax stories, and tax events trending in the United States during the week. The following tax topics cover the week of  August 12, 2019 through August 18, 2019 . The tax topics presented represent my favorites in tax news for the week. Please comment any tax news stories you found interesting for the recent week. Additionally, please email me or connect with me on social media for weekly tax news updates sent straight to you! Related Posts -- Prior Weeks' Tax News August 5 - August 11 July 29 - August 4 July 22 - July 28 Tax News for August 2019 This week in tax news focuses on the fate of the solar energy subsidy, the French digital services tax,  Amazon.com Inc et al v Commissioner of Internal Revenue, and  Chrisleys tax evasion. Period: August 12 - August 18 Tax Topic: The fate of the solar energy tax deduction Why is it a tax story? Tax policy greatly influences industr

The Latest in Tax News for 2019: August 5 - August 11 Edition

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Textbook Tax presents its weekly tax news update. A quick read discussing various tax news, tax stories, and tax events trending in the United States during the week. The following tax topics cover the week of August 5, 2019 through August 11, 2019 . The tax topics presented represent my favorites in tax news for the week. Please comment any tax news stories you found interesting for the recent week. Additionally, please provide your email for weekly tax news updates sent straight to you! Related Posts -- Prior Weeks' Tax News July 29 - August 4 July 22 - July 28 Tax News for August 2019 This week in tax news focuses on the Sec. 199A QBI deduction statistics, a proposed virtual currency tax bill, a proposed meat tax, and the latest tax scammers.  Period: August 5 - August 11 Tax Topic: Tax study -- How many people claimed the new 20% QBI deduction Why is it a Tax Story? TCJA enacted Sec. 199A, which established the QBI deduction. The Sec. 199A QBI deduction allows

How to file a tax return for your kids when they make money in 2019?

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It is summer time, and that means many kids are working summer jobs. The good news is your kids are making money, and the bad news is your kids are now liable for taxes. Whether your child worked only during the summer or worked all year, there is a high possibility your child will need to file a tax return. Generally speaking, children file as dependents. A dependent filing a tax return faces unique tax implications and rules; therefore, in order to properly file taxes for your kids, you must understand the tax implications faced by dependents. I have all the answers relating to your kid's tax return below! Related Posts: -  Learn how to pay taxes as an independent contractor -  Do you qualify for the QBI Tax Deduction? Why & Apply To begin, I like to start my posts off by introducing the topic and discussing those who may benefit from the information provided. So, why discuss tax implications and requirements specific to children and dependents? Well, as a depende

The Latest in Tax News for 2019: July 29 - August 04 Edition

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Textbook Tax presents its weekly tax news update. A quick read discussing various tax news, tax stories, and tax events trending in the United States during the week. The following tax topics cover the week of July 29, 2019 through August 04, 2019 . The tax topics presented represent my favorites in tax news for the week. Please comment any tax news stories you found interesting for the recent week. Additionally, please provide your email for weekly tax news updates sent straight to you! Related Post: Last week's tax news Tax News for July & August 2019 This week in tax news focuses on the California tax return law, Elizabeth Warren's proposed wealth tax, and company movement to the United States!  Period: July 29 - August 04 Tax Topic: California governor signs the Presidential Transparency & Accountability Act Why is it a Tax Story? As we all know, President Trump and his infamous tax returns have been in the news lately. By refusing to publicly r