Now that the October 15th extension filing deadline has passed, many taxpayers are receiving notices stating they owe more taxes or they aren't receiving the refund they thought they were. What did my Accountant do wrong?! Likely nothing, the adjustments are for many reasons the IRS computer program finds when it processes your return. For...
We've received this question a lot this year, mainly because Divorce court decisions do not consider the effects divorce or separation has on your tax situation. Tax rules regarding divorce and separation change often, as recently as the Tax Cuts and Jobs Act. So, lets look at what has changed: Timing of Agreements Agreements executed beginning January...
Gig Economy is the buzz job industry of the era, especially so since COVID-19 has come into our lives. But your side-hustle, even if only temporary is still a job, where you still earn an income, and you still must file a tax return if you have net earnings of $400 or more. Ugh, For Real?! Yes,...
The Consolidated Appropriations Act, 2021 increased the business-meal deduction for the cost of food and beverages provided by a restaurant to 100 percent for 2021 and 2022. But not for every meal! IRS Notice from April 8 Notice 2021-25 provides guidance on the higher meal limit. What are the Requirements? For meals purchased Jan. 1, 2021 through...
Did you file your federal and state tax returns prior to the unemployment benefits deduction made available under the American Rescue Plan Act? You are due a refund! Background Passed by Congress in April 2021, the American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer when calculating taxable income. We...
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