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Woodcock & Associates joins forces with YHB

Mon, Jan 20th 2020
As of January 1st, 2020, Woodcock & Associates, PC has merged with Yount, Hyde & Barbour, PC. (YHB), a top 200 firm with 7 offices throughout VA. This opportunity will provide additional resources and industry expertise to continue to serve you with the high-quality service you have come to expect. We at Woodcock are delighted to have found a partner in YHB that shares the same dedication to quality, client service, community commitment and staff care as we do.  What does this mean for... Read More »

Do You Need to File Gift Tax Returns?

Mon, Dec 16th 2019
For 2019, the lifetime gift and estate tax exemption has reached a whopping $11.40 million ($22.80 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There are many situations in which it’s necessary (or desirable) to file Form 709, “United States Gift (and Generation-Skipping Transfer) Tax Return” — even if you’re not liable for... Read More »

The Limit on Interest Expense Deductions

Mon, Dec 2nd 2019
Does it affect your business? The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses. Among other things, it slashed corporate income tax rates, temporarily reduced individual rates and established a new 20% deduction for certain pass-through income. At the same time, the act placed limits on several tax breaks, including the amount of interest expense a business may deduct. “Small” businesses are exempt Before you worry about the mechanics of the business interest... Read More »

You Haven't Filed Tax Returns in Years

Mon, Nov 18th 2019
April 15 came along and you didn't file your tax return — this year, last year, the year before, maybe even further back than that. Hey, you got busy; or you didn't want to draw attention to your delinquency so you continued to let things slide. OK, that was then; now, you want to make yourself whole with the IRS. How does that work? First, you must file all missing tax returns. Nothing happens, IRS-wise, until you submit the paperwork that you failed to file. If you don't know when you stopped... Read More »

Decoding Box 1 of Form W-2

Mon, Nov 11th 2019
Box 1 of Form W-2 shows the employee's total compensation that is subject to taxation for the year. Per an article published by Forbes, "This tends to be the number most taxpayers care about the most." Consequently, there's no room for error.   Below are inclusions and exclusions for Box 1 plus a brief explanation of the difference between Box 1, Box 3 and Box 5. InclusionsAll taxable wages, tips and other compensation should go in Box 1. This includes: Hourly earnings, including overtime and... Read More »