Tax Ramifications of Disposing of a Vehicle
Tax Planning, Tax Tips, TaxesArticle Highlights:
Trading in a Vehicle
Selling a Vehicle
Gifting a Vehicle
Donating a Vehicle to Charity
If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some…
June 2021 Individual Due Dates
Business, Tax PlanningJune 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?
2021 Due Dates, Tax Planning, Tax Refund, Tax Tips, TaxesArticle 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
2021 Tax Laws, Tax Planning, Tax Tips, TaxesArticle 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
Small Business, Startup, Tax Planning, Tax TipsArticle 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
2021 Tax Laws, Tax Planning, Tax TipsArticle 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
2021 Tax Laws, CARES Act 2020, IRAs & RMDs, Tax News, Tax PlanningArticle 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
2020 Tax Laws, 2021 Due Dates, Deductions, Health Savings Accounts, Tax Planning, Tax TipsArticle 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
2021 Tax Laws, ARPA, COVID-19, EITC, Tax Credits, Tax News, Tax Planning, Tax TipsArticle 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,…
Don’t Miss Out on Tax Credits
2021 Tax Laws, Deductions, EITC, Tax Credits, Tax News, Tax Planning, Tax TipsArticle 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…