Article Highlights: Depreciation Material & Supply Expensing De Minimis Safe Harbor Expensing Routine Maintenance Bonus Depreciation Section 179 Expensing Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets […]
Article Highlights: American Rescue Plan Expanded One-Year-Only Change Refundability Child Care Expenses Credit Percentage Maximum Credit Credit Phaseout Employer-Provided Dependent Care Assistance Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and […]
Article Highlights: IRS Announcement Limited to Individual Tax Returns Tax Due Payments Further Extensions 2021 Estimated Tax Payments Not Extended The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021 to May 17, 2021. This was meant to be a one-month extension, but since […]
Article Highlights: Economic Impact Payments High-Income Taxpayer Phaseout Reconciliation Dependents Decedents Social Security Number Requirements Non-Filers IRS Information Sites The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of […]
There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion 2021-3, 1/26/21 – has apparently established a new standard for what the IRS […]
Article Highlights: 14-Day Exclusive Application Period for Small Businesses and Nonprofits Limited to 19 Employees Loans Based on Gross Income Rather than Wages Certain Restrictions Removed At the direction of the White House and effective on Wednesday, February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits […]
How Biden’s Rescue Plan Might Impact Your Taxes Article Highlights: Economic Impact Payments Unemployment Compensation Minimum Wage Education Assistance Families First Coronavirus Response Act Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Healthcare Coverage Evictions & Foreclosures Homelessness President Biden released his “American Rescue Plan” on January 14. It is […]
February 2021 Individual Due Dates February 1 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 1 – File 2020 Individual Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment If you file your prior year’s […]
From CNET | written by Jessica Dolcourt President Trump signed the stimulus bill on Sunday night, avoiding the government shutdown. Today, the House will vote on $2,000 stimulus checks. Sunday night, after days of criticizing the $600 second stimulus check, President Donald Trump signed the $2.3 trillion combination federal-budget and COVID-relief billthat joins $900 billion […]
From Thomson Reuters | by Margaret Eisler, Esq. The Oregon Department of Revenue has revised Publication OR-17, Individual Income Tax Guide, for 2020. The publication supplements the Oregon income tax instruction booklet and the IRS Tax Guide: Publication 17, Your Federal Income Tax For Individuals. ( 2020 Oregon Publication OR-17, Individual Income Tax Guide, 11/12/2020 […]