Tax Insights
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Summer Cleaning? It’s a Great Time for Tax-Deductible Donations
If you’ve been doing some spring cleaning or clearing out your winter wardrobe for your summer wardrobe, now is the time to start thinking about the tax deduction you can get donating your unwanted items to a thrift store, instead of waiting until the night before...
Buying a new home this summer?
Summertime is a popular season for purchasing a new house. Before you listen to any great “tax benefits” from your realtor or mortgage lender, let’s clear a few things up before you come in for your appointment. Purchasing a home? When it come to the actual...
Upcoming Tax Deadlines
April Day12Employees Who Work for Tips – If you received $20 or more in tips during March, you must report them to your employer (employees are required to keep a daily record of tips). All tips must be reported on your individual income tax return. You can use...
Third Round of Stimulus Payments Going Out to Eligible Americans
The IRS has started sending out a third round of Economic Impact Payments (EIP3s, also called stimulus payments) shortly after the American Rescue Plan became law on March 11. The vast majority of eligible Americans will receive their payments automatically, usually...
IRS Extends Individual Income Tax Filing Deadline to May 17
The IRS has announced a filing deadline extension for all 2020 federal personal income tax returns. This decision moves the filing due date from April 15 to May 17, 2021. Individual taxpayers, including joint filers and those with self-employment earnings, now have...
Projected Delivery Schedule for 2020 Tax Refunds & Tracking
With the processing of 2020 federal tax returns now underway, the IRS has issued information about the likely timetable for refunds to be issued. Here are some key points to keep in mind: The IRS began processing returns on February 12, 2021The fastest way to receive...
IRS Warns of Unemployment Benefits Scam
Many Americans applied for unemployment benefits in 2020 due to job loss or reduced hours resulting from the COVID-19 (coronavirus) pandemic. Unfortunately, scammers also took advantage of the high number of unemployment applications to fraudulently collect benefits....
2021 Adjustments to Tax Brackets and Deductions
The IRS recently released a list of federal income tax adjustments for 2021. The most important changes include higher standard deductions and higher income limits for common tax rates. Standard Deduction Increases The standard deduction for individual taxpayers will...
Tax Tip: Tracking Income and Expenses for “Gig” Work
With working from home becoming more common in 2020 & 2021, many people are taking on freelance or “gig” work to supplement their incomes. Whether you rely on gig work as your primary income source or just log a few hours a week, it is important to track all your...
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