Tax & Accounting News

The Weekly (Tax)Buzz - March 4, 2020

The Weekly (Tax)Buzz - March 4, 2020

If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from our favorite bloggers, US tax proposals, tax crime stories, and much more.

The (Tax)Buzz this week: Weird and hard-to-claim tax breaks, how to know if you should file an amended return, which tax moves are most likely to trigger an audit, and more.

The Motley Fool: 66% of filers are planning to take the standard deduction on their 2019 returns – but should you do the same?

CNBC: Some stranger tax breaks have gotten harder to claim now that the standard deduction is higher.

Tax Foundation: FYI – you should look beyond the size of your tax refund and ask how much you actually paid in taxes. What impact did your tax withholding have on your tax filing?

USA Today: So far this tax season, the average refund issued “fell to $3,125, down 0.6% from $3,143 at the same time last year, according to IRS statistics. The number of refunds issued fell 2.9%.”

Forbes: If you’ve been hearing the word “extenders” a lot lately, you’re not alone. In December, a tax and spending package was signed into law “offering a gift to those individuals who were deprived of certain deductions on their 2018 tax returns filed earlier in 2019.” Here’s how to know if you should file an amended return.

MarketWatch: The clock is ticking – here are 5 last-minute tips to save money on your taxes before April 15th.

CNBC: Have student loans? The IRS allows borrowers like you to deduct up to $2,500 in student loan interest each year from your taxable income. 

USA Today: Owe too much in taxes this year? Take a look at your withholding. It’s highly possible you need to adjust the amount withheld on your W-4.

Forbes: Do you own a small business? Here are 10 tax deductions that can help the self-employed business owner save money.

AOL: It’s important to know where to draw the line when it comes to decreasing your tax liability. Our very own Chief Content Officer Lee Reams Sr., EA offered insights to this Cheapism article on which tax moves may be most likely to trigger an audit.

Bonus content: 

  • The SECURE Act has been proving to be confusing for taxpayers and tax pros alike. We’ve created a free informative SECURE Act Handout you can use to help your retired clients understand these new tax laws. Download it here.
  • Last-minute tax extenders create a dilemma for many tax pros on when to amend a tax return. We created a free worksheet to help you communicate the options with your clients and avoid costly mistakes. Download it here.
  • It is the law that tax professionals have a security policy in place, and neither the IRS or the Federal Trade Commission (FTC) provides one. The TaxBuzz & CountingWorks team prepared a FREE Security Policy Template which should enable everyone to come up with a policy for their firm. Download it here.

Don’t miss our latest TaxBuzz posts: 

  • Should You Be in Business for Yourself?
  • Should You Have an Identity Protection PIN?
  • How to File Taxes: 6 Tips for First-Time Filers
  • California Legislation Would Discriminate Against California Registered Tax Return Preparers (CRTPs)

Who said accountants don’t have a sense of humor? Not us! Our team has a t-shirt store with 11 awesome designs to choose from. Check it out here.

Did we miss a great article this week? Let us know in the comments below!

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Lauren Detweiler

Lauren Detweiler

I am equal parts marketer, traveler, and writer, and I've been doing all three for as long as I can remember. I have spent most of my time since graduating university traveling and working remotely in Africa and Europe. My passion lies in conveying the right messaging to the right people, and being a part of the CountingWorks and TaxBuzz team means I get to do that not only for our company, but for clients across the country as well.

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