June 2021 Individual Due Dates

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June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last…

Owe Taxes and Can’t Pay by the Due Date? 

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Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who…

Consequences of Filing Married Separately

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Article Highlights:  Changing Filing Status Liability Community Property States Social Security Benefits Capital Loss Limitations Sec 179 Business Expensing Election Rental Loss Limitation Traditional IRA Contributions …

Writing Off Your Business Start-Up Expenses

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Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off…
Understanding Tax-Filing Status

Understanding Tax-Filing Status

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Article Highlights: Single Married Filing Jointly Surviving Spouse Married to a Nonresident Alien Head of Household Married Filing Separate   Filing status is determined on the last day of the year and most often is…
Required Minimum IRA Distributions Will Resume in 2021

Required Minimum IRA Distributions Will Resume in 2021

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Article Highlights: CARES Act Moratorium RMD Resumptions Age Considerations Figuring out the RMD Amount Penalty for Not Taking an RMD No Maximum Limit IRA-to-Charity Transfers As part of the CARES Act, the requirement…
Tax Deductions Without Itemizing

Tax Deductions Without Itemizing

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Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces …
IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

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Article Highlights Prior Filed Returns with Unemployment Income American Rescue Plan’s $10,200 Exclusion IRS Automatic Adjustment Refund Application When an Amended Return Might Be Required The IRS announced on March 31,…
Dont Miss Out on Tax Credits

Don’t Miss Out on Tax Credits

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Article Highlights: Non-refundable vs. Refundable Credit Childcare Credit Earned Income Tax Credit Child & Dependent Tax Credit Saver’s Credit Vehicle Tax Credits Adoption Credit Residential Energy-Efficient…
How toExpense Business IT Purchases

You Can Expense Business IT Purchases

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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…