Charitable Tax Deduction Peculiarities

Charitable Tax Deduction Peculiarities

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Charitable Tax Deduction Peculiarities Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

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Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers…

The Treasury Green Book of Biden Proposed Tax Changes

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Article Highlights Long-Term Capital Gains Rates Top Individual Tax Rate Pass-Through Income Subject to 3.8% NIIT or SECA Tax Limit Nonrecognition of Like-Kind Exchanges Transfer of Appreciated Property by Gift or Death …

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 …
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…
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,…

Special Rules Apply to 2020 EITC and Child Credit

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Article Highlights:   Employment (Earned) Income Earned Income Tax Credit (EITC) Child Tax Credit (CTC) 2019 or 2020 Earned Income Credit Qualifications   Because of the pandemic, many individuals have seen…
April-May 2021Tax Due Dates

April 2021 Tax Due Dates

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April 2021 Individual Due Dates April 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than…
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…