Will there be a third round of stimulus? While the White House and the Congress discuss such things, enough rumor is flying around that we need to plan for a potential third round of stimulus. As many realize, the official start of tax season was much later this year – February 12 – partially because …
Mortgage interest rates have decreased this year and a lot of people have jumped at the opportunity to refinance their home mortgage loans to take advantage of these lower rates. So, what does this mean for your tax situation? As you may already know, the IRS allows you to deduct your home mortgage interest on …
The Internal Revenue Service has fired up the printers to get stimulus checks into American’s pockets. They began processing the payments yesterday. The official payment date is January 4, 2021. The economic impact payments are part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 signed into law on Sunday night. The act …
With the rise of COVID-19, many families have had to switch to online or home school learning for the safety and wellbeing of their children. Kudos to all of the parents out there right now – I cannot begin to imagine the hardships and challenges this year must have brought. One choice that many parents …
Prior to the COVID-19 pandemic self-employed people likely felt they were overlooked. The availability of financing under the paycheck protection program and certain tax credits have shone a light of hope for the self-employed individual. A self-employed individual may be eligible to claim a tax credit under the qualified sick leave and qualified family leave …
You do not need to read this article to know that COVID-19 has made life extremely difficult for a vast number of people. The impact of the pandemic may have made it hard if not impossible at the moment to satisfy your tax obligations. The IRS knows this too and recently announced new collection procedures …
Cost-of-living adjustments have been made to the dollar limitations related to retirement and pension plans for 2021. Contributions to traditional IRAs can be deducted by taxpayers meeting certain conditions. If the taxpayer (or their spouse) is covered by a retirement plan at work, the deduction may be affected. The new income phaseout ranges are below: …
Did anyone else feel like this tax season was never-ending? Now that October 15th has come and gone, it is time to shift gears over to 2020 taxes. For many tax professionals, November and December is the time to sit down (likely virtually this year) with clients. It is a great time to see how …
Tax season, like the rest of 2020, seems to be going on forever this year. I am not sure if it is actually October 15th or March 229th. I think we can all agree that it has been a very long year. We started out 2020 with a bang, just knowing that it was going …
Transfer tax and foreign tax figures are among those that are adjusted annually for cost-of-living increases. Thomson Reuters Checkpoint has calculated these figures for the year 2021 using the chained Consumer Price Index from August 2020. Don’t miss: Reasonable compensation for S-Corporation shareholder employees The annual gift tax exclusion will remain at $15,000 and the …