Need a current 2021 tax planning checklist to ensure you’re prepared for the next tax year? We have you covered! All too often, taxpayers wait until after the close of the tax year to starting thinking about their taxes. Thus miss opportunities that could significantly reduce their tax liability or (better!) financially benefit them. Mid-year …
Tax Planning
How to Defer Taxes Using Installment Sales
Looking to defer taxes using installment sales? It’s a great option, as long as you know the right steps to take in the right order. Generally, selling property that one has owned for a long period of time frequently results in a large capital gain. Reporting all of the gain in one year generally means …
Video: New Tax Filing Deadline Is Rapidly Approaching
The new tax filing deadline is right around the corner. For those who have not yet filed their 2020 federal tax return, time is running out. The new deadline of May 17, 2021 means you must file your return and pay any taxes owed. Or you must file an extension and pay any estimated balance …
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Don’t Overlook Foreign Account Reporting Requirements
One thing many people do on the their taxes is overlook foreign account reporting requirements. However you DON’T want to forget this very important report. In fact, some of the largest penalties with the Government are associated with not reporting dealings with foreign financial institutions. U.S. citizens and residents with a financial interest in any …
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IRS Extends Individual Tax Return Filing Date
The IRS announced they are extending the tax return filing 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 May 15 fell on Saturday it was extended to the next business day which is May 17, 2021. This extension only applies to individual 1040 and …
April 2021 Business Due Dates – Helpful Reminders
Helpful reminders for April 2021 business due dates. April 2021 Business Due Dates April 15 – Household Employer Return Due If you paid cash wages of $2,200 or more in 2020 to a household employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040 or 1040-SR), …
April 2021 Individual Due Dates – Helpful Reminders
A friendly reminder for April 2021 Individual Due Dates. April 2021 Individual Due Dates April 12 – Report Tips to Employer Are you any employee who works for tips? If you received more than $20 in tips during March, you must report them to your employer. Do so on IRS Form 4070 no later than …
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Are Your Unemployment Benefits Taxable?
Are unemployment benefits taxable? As with many tax questions, the answer is “It depends”. With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the state’s weekly unemployment benefits. They added $600 per week to unemployment benefits through the end of July 2020. When this provision ran out, …
Tax Consequences of Crowdfunding
If you’ve ever had concerns about the tax consequences of crowdfunding – you are not alone. Raising money through Internet crowdfunding sites like GoFundMe, Kickstarter, Patreon or Indiegogo often prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees generally ranging from 5 to 9%. Each site …
