Blog

12 Aug Restaurant Meals a 100% Business Deduction

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...

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02 Jul Unemployment Benefits Deduction Update

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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08 Jun Estimated Tax Payments

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,...

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26 May Looking Ahead to 2021 Tax Season

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...

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30 Apr Tax Filing Deadline Extension

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...

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