Archive for Taxes

Tax Implications of Downsizing

What Baby Boomers and Gen X Need to Know Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra cash, or fund that dream RV trip. Especially for Baby Boomers and Gen Xers stepping […]

“Flash”- BOI Reporting Temporarily Halted Again

We no sooner sent out a reminder about the pending March due date for BOI reporting and FinCEN declared a temporary halt on the imposition of fines, penalties, or any enforcement actions against organizations that fail to file or update Beneficial Ownership Information (BOI) reports. This suspension will remain in effect until the issuance and implementation of […]

IRS Layoffs in Mid-Tax Season: Potential Impacts on Tax Filings and Refund Delays

In a significant shift impacting the tax landscape, the Internal Revenue Service (IRS) is projected to lay off approximately 6,700 employees right in the middle of tax season.

Not Required to File a Tax Return? You May Be Missing Out on Sizeable Tax Credit Refunds

Many individuals may find themselves earning below the income thresholds that require them to file a federal income tax return. However, even if you are not required to file, doing so may be beneficial. This article will explore the filing thresholds for 2024, the potential benefits of filing a tax return even when one isn’t […]

How Biden’s Rescue Plan Might Impact Your Taxes

President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis.

Obscure and Overlooked Tax Deductions, Credits, and Benefits

Article Highlights: State Income Tax Refund Social Security Taxes Deduction NOL Carryback Charitable Contribution Deduction for Non-Itemizers PPP Loan Expenses Military Reservist Travel Expenses Child’s Private School Expenses Student-Loan Interest Extended Tax Benefits Gambling Losses Live in a State without a State Income Tax? Spousal IRA Economic Impact Payment Economic Impact Payment Document Reinvested Dividends […]

Congress Has Authorized a Second Round of PPP Loans

Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees and to certain businesses with multiple locations, for which each location could not have more […]

Charitable Contributions Deduction Liberalized for 2021

Article Highlights: Charitable Contributions for Non-Itemizers  Penalties for Contribution Overstatement  Cash Contributions for Itemizers  Substantiation Requirements  As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300 and another for those […]

Beware: These Tax Return Red Flags Could Catch the Eye of the IRS

Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money there’s a good chance that you’re downright annoyed. But neither of those things compare to the feeling that accompanies an envelope bearing an IRS return […]

2021 Standard Mileage Rates Announced

The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical and moving purposes based on a number of factors, to determine the standard mileage rates for the following year. As it does annually around the end of the year, the IRS has announced the 2021 […]