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Retiring Soon? 4 Tax Issues You May Face

Posted on June 8th, 2021
Retiring Soon? 4 Tax Issues You May Face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire:   Taking required minimum distributions.  This is the minimum amount you must withdraw from your retirement… Read More »


Many Parents Will Receive Advance Tax Credit Payments Beginning July 15

Posted on May 25th, 2021
Many Parents Will Receive Advance Tax Credit Payments Beginning July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021.   How have child tax credits changed? The ARPA temporarily expanded and made CTCs… Read More »


Still Have Questions After You File Your Tax Return?

Posted on May 18th, 2021
Still Have Questions After You File Your Tax Return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year.   Are you wondering when you will receive your refund? The IRS has an online tool that… Read More »


Working in the Gig Economy Results in Tax Obligations

Posted on May 11th, 2021
Working in the Gig Economy Results in Tax Obligations

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform… Read More »


Home Sales: How to Determine your “Basis”

Posted on April 13th, 2021
Home Sales: How to Determine your “Basis”

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.”   How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs… Read More »


New Law Tax Break May Make Child Care Less Expensive

Posted on March 23rd, 2021
New Law Tax Break May Make Child Care Less Expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your… Read More »


New Law: Parents and Other Eligible Americans to Receive Direct Payments

Posted on March 16th, 2021
New Law: Parents and Other Eligible Americans to Receive Direct Payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the… Read More »


Retiring Soon? Recent Law Changes May Have an Impact on your Retirement Savings

Posted on March 2nd, 2021
Retiring Soon? Recent Law Changes May Have an Impact on your Retirement Savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of… Read More »


If You Run a Business from Home, You Could Qualify for Home Office Deductions

Posted on February 24th, 2021
If You Run a Business from Home, You Could Qualify for Home Office Deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the… Read More »


2021 Individual taxes: Answers to your questions about limits

Posted on February 22nd, 2021
2021 Individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax amounts that… Read More »


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