G&B Tax & Business Solutions Inc.

TAX RATES 2020

NEW TAX LAWS

https://www.washingtonpost.com/business/2020/04/16/coronavirus-cares-stimulus-check/

Glitches prevent $1,200 stimulus checks from reaching millions of Americans Several million people who filed their taxes via H&R Block, TurboTax and other popular services were unable to get their payments. Some parents reported they didn’t get the $500 promised for their dependent children.

https://fox6now.com/2020/04/17/irs-glitch-sends-taxpayers-stimulus-checks-to-tax-prep-companies-instead/

IRS glitch sends taxpayers’ stimulus checks to tax prep companies instead WASHINGTON (FOX 4) -- If you use a tax prep service and can't quite track your stimulus payment, your direct deposit information may be the reason for the delay. You know the drill: You visit a tax prep service. They front your refund, minus the fees. Then the full amount is direct deposited to them...

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IRS to Open Tax Season Jan. 27, 2020
The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns

G&B Tax & Business Solutions Inc. updated their phone number.

Other Dependent Credit

Happy Thanksgiving to all. Many Blessings.
Feliz dia de Acion de Gracias a Todos. Bendiciones.

Tax Filling 💰 It’s Income Tax Season, Contact Us NOW and you could get a refund advance of up to $6000
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UBER DRIVERS TAX TIPS
All Uber drivers should know that when it comes to paying taxes to IRS, they are not considered an employee of the ride-sharing company. Instead, the US tax authority considers them to be independent contractors.
This impacts not just the way the tax is led but the amount of tax and exemptions that can be availed by the drivers.
If you have registered as a driver for Uber, you should know about the tax implications and the way that the tax is led.

1. Tax Tips for Uber Drivers – Understanding Form 1099
As mentioned previously, the IRS regards Uber drivers as independent contractors instead of an employee. All independent contractors receive Form 1099 rather than W-2 that is sent to the employees.
The diference between an employee and self-contractor is that the latter provide independent services. A company does not have to withhold taxes of entities or persons who provide independent services.
Uber does not send Form W-2 but Form 1099 to the drivers. Instead, Uber sends two types of Form 1099s — 1099-K and 1099-Misc.
a. Tax Tips for Uber Drivers – Form 1099-K
All the payments from the customers are shown in Form 1099-K. The amount entered in Box 1a is the amount that Uber had collected from customers for rides that have been provided by the driver. The amount mentioned in this form is more than the driver actually receives since it includes the commission of the company and other expenses. Uber will provide you a separate tax summary report that you can use to income tax report.
b. Tax Tips for Uber Drivers – Form 1099-Misc
Uber will send another form known as the Form 1099-Misc to the drivers. The form includes other types of payments such as non- driving related bonus payments. This income should also be mentioned by the Uber driver when preparing income tax report.
Keep in mind that Uber is only required by IRS to send a 1099-K only when you have earned less than $20,000 or processed more than 200 transactions during a year. Moreover, the company is not required to send a 1099-Misc form if the non-driving income during a year was less than $600.

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Moving Expenses Changes

NY State Property, State Tax Update

New Tax Laws