Blog

π‡πˆπ†π‡π„π‘ π„πƒπ”π‚π€π“πˆπŽπ 𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“π’ (πŸ•/πŸπŸ–/𝟐𝟎𝟐𝟏)

Paying higher education expenses in 2021 can see tax savings when filing next year’s tax return. If taxpayers, their spouses or their dependents take post-high school coursework, they may be eligible for a tax benefit. Two credits are available to help taxpayers save money on higher education, the American opportunity tax credit and the lifetime […]

𝐁𝐄𝐖𝐀𝐑𝐄 𝐨𝐟 𝐓𝐀𝐗 π‚π‡πˆπ‹πƒ 𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“ π’π‚π€πŒπ’ (πŸ•/πŸπŸ”/𝟐𝟎𝟐𝟏)

The IRS Criminal Investigation Division is warning taxpayers about Child Tax Credit-related scams focusing on money and personal information. Millions of American families started receiving the advance Child Tax Credit payments on July 15. And criminals are already looking for innovative tactics to take advantage of unwitting victims. Beware of phone, e-mail, text message and […]

πŒπŽπ‘π„ 𝐑𝐄𝐅𝐔𝐍𝐃𝐒 𝐟𝐨𝐫 π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ π‚πŽπŒππ„ππ’π€π“πˆπŽπ πŽπ•π„π‘ππ€π˜πŒπ„ππ“π’ (πŸ•/𝟐𝟏/𝟐𝟎𝟐𝟏)

The IRS is issuing another round of refunds to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year. The American Rescue Plan Act of 2021 excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations. The exclusion applied to individuals and married couples whose modified adjusted gross income […]

𝐍𝐉 π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’ π‹πŽπ€ππ’ 𝐏𝐇𝐀𝐒𝐄-𝟐 π‘π„π†πˆπ’π“π‘π€π“πˆπŽπ (πŸ•/πŸπŸ—/𝟐𝟎𝟐𝟏)

The NJ Small Business Emergency Assistance Loan Program provides direct financing of up to $100,000 to New Jersey-based businesses and nonprofits that have been negatively impacted by the COVID-19 pandemic. Pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2) will be open from 9:00 a.m. on Tuesday, July 20th, 2021 through 5:00 p.m. […]

π‘π„ππ“πˆππ† πŽπ”π“ 𝐚 π•π€π‚π€π“πˆπŽπ π‡πŽπŒπ„ (πŸ•/πŸπŸ’/𝟐𝟎𝟐𝟏)

If you’re renting out a vacation home, plenty of tax rules apply. Rules exist for reporting income, expenses and tracking the days the unit is rented out. A short IRS video gives a quick summary of the rules at https://www.youtube.com/watch?v=oEMKRVBTBJ0 IRS Publication 527 details the more complete rules for residential rental property at https://www.irs.gov/publications/p527#en_US_2020_publink1000219175 If […]

πˆπ‘π’ 𝐖𝐀𝐑𝐍𝐒 π€ππŽπ”π“ π€ππ”π’πˆπ•π„ 𝐓𝐀𝐗 π’π‚π€πŒπ’ (πŸ•/𝟏𝟐/𝟐𝟎𝟐𝟏)

The IRS warns people to be on the lookout for promoters who peddle false hopes of large tax deductions from abusive arrangements. These “deals” are generally marketed by unscrupulous promoters who make false claims about their legitimacy and charge high fees to boot. These aggressively marketed abusive arrangements include the following: β€’ Syndicated conservation easements […]

𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“π’ 𝐟𝐨𝐫 ππ€πˆπƒ 𝐋𝐄𝐀𝐕𝐄 𝐀𝐅𝐓𝐄𝐑 πŸ‘/πŸ‘πŸ/𝟐𝟎𝟐𝟏 (πŸ•/πŸ–/𝟐𝟎𝟐𝟏)

Tax credits are available for employers with fewer than 500 employees and certain governmental employers without regard to the number of employees (“Eligible Employers”) for qualified sick and family leave wages (“qualified leave wages”) paid with respect to leave taken by employees beginning on April 1, 2021, through September 30, 2021. Equivalent credits are available […]

𝐋𝐄𝐀𝐕𝐄-𝐁𝐀𝐒𝐄𝐃 πƒπŽππ€π“πˆπŽπ ππ‘πŽπ†π‘π€πŒ ππ„ππ„π…πˆπ“π’ 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 (πŸ•/πŸ”/𝟐𝟎𝟐𝟏)

The IRS has extended the tax relief for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Cash payments employers make to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation or personal leave which their employees forgo will […]

𝐍𝐎 π‘π„ππ”πˆπ‘π„πƒ πŒπˆππˆπŒπ”πŒ πƒπˆπ’π“π‘πˆππ”π“πˆπŽππ’ (π‘πŒπƒπ¬) π“π‡πˆπ’ π˜π„π€π‘ (πŸ•/πŸ‘πŸŽ/𝟐𝟎𝟐𝟎)

Retirees are not required to take money out of their IRAs and workplace retirement plans this year. The CARES Act waives RMDs during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 Β½ in 2019 and took their first RMD in 2020. Roth […]

β€œπƒπˆπ‘π“π˜ πƒπŽπ™π„πβ€ 𝐓𝐀𝐗 π’π‚π€πŒπ’ (πŸ•/𝟐𝟏/𝟐𝟎𝟐𝟎)

The IRS announced its annual “Dirty Dozen” list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The β€œDirty Dozen” tax scams are- 1. Phishing 2. Fake Charities 3. Threatening Impersonator Phone Calls 4. Social Media Scams 5. EIP or Refund Theft 6. […]