MCB BLOG

As your trusted CPA & Advisor, we keep you informed of the latest tax & accounting news you can use.

The Ins and Outs of Form 1099

You've probably received a 1099-INT tax form from your bank. It signifies it paid interest on your savings. Another may come from your state, attesting to its tax refund to you. If you're a freelancer or contract worker, you may have received a 1099-MISC from your...

Tax Deductions: What’s New?

As many discovered with the tax season that recently ended, it was more beneficial to take the standard deduction and forgo itemized deductions. Then again, you may feel that your expenses exceed standard deduction amounts. Taxpayers will have to take a hard look at...

How Long to Keep Tax Records

To put this into perspective, remember that the IRS generally has three years from the date you file your return to start an audit.  If the return does not report all your income, the IRS can start an audit within six years and there is no statute of limitation for...

What’s New With the Kiddie Tax?

The kiddie tax — around since 1986 — came about as an effort to close a tax loophole for the wealthy. The idea was that taxing children's passive income at the same rate as their parents would eliminate a sneaky reallocation of money just to avoid taxes. Since the...

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