Estimated tax payments for second quarter are coming up due on June 15th, 2021. If you are not accustomed to making estimated tax payments, the following is for you! What is an Estimated Tax Payment? Estimated tax payments cover tax on income not subject to withholding, such as income from self-employment, gains from the sale of assets,...
Its not too early to look ahead to what's in store for tax season 2021. The American Rescue Plan Act means lasting impacts from COVID for tax returns! Here is a list of a few key updates for 2021: Child and Dependent Care Credit The new law increases the amount of the credit and eligible expenses for...
Ever since COVID hit, nothing has been the same. Filing your taxes, strangely enough, has changed from the norm. 2019's filing deadline was pushed to July 2020, 2020's filing deadline is May 17th 2021, but this year some people get EVEN MORE time! Here is the handy list of the who/when/why! Disaster Victims Victims of the February...
What is an FBAR you ask? A bad, four-letter word? No, but failing to file one of these can make you say a few other bad, four-letter words! U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) by April 15th each...
As part of the American Action Plan, legislation signed on March 11, 2021, taxpayers who earned less than $150,000 in modified adjusted gross income (AGI) can exclude unemployment compensation up to $10,200 ($20,400 if married filing jointly for each spouse who received unemployment compensation). So What? Well, since many people had already filed taxes for this season,...
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