Reminder: First Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment Despite the individual tax filing due date being delayed until May 17, 2021, there is no delay in paying [...]
Yikes! You Have a Large Refund
Good news, that is sometimes not so good For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may [...]
Income the IRS Can’t Touch
Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does [...]
ALERT! 2020 Tax Date Delay AND Unemployment Income Now Tax Free
What you need to know Individual tax filing due date: May 17, 2021 (was April 15, 2021) Unemployment income: $10,200 per person not subject to federal tax (was taxable) [...]
Tax Return Review Hints
Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your [...]
Defending Fair Market Value
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer [...]
Review Your Social Security Earnings Report
Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount [...]
Understanding Tax Terms: AFRs
Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back [...]
IRS Identity Theft Program NOW OPEN!
The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what [...]
Alert: Look for New 1099 NEC
Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. And this year there is a new one called the 1099 NEC. Here is a [...]