Changes in Computing Certain Residential Rental Property Depreciation
The IRS has issued a revenue procedure which provides guidance under the Consolidated Appropriations Act, 2021, that retroactively provides a recovery period of 30 years under the alternative depreciation system…
Online tool helps families see if they qualify for the Child Tax Credit
Families can take advantage of a special online tool that can help them determine whether they qualify for the Child Tax Credit and the special monthly advance payments beginning on…
Independent Contractor vs. Employee
Today more and more businesses are making increasing use of outside workers to cut costs, including payroll tax costs. Unfortunately, this trend has caught the attention of the IRS. What…
Possible refund for taxes paid on 2020 unemployment compensation
The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For…
Charitable Giving: Certain Requirements and Tax Saving Techniques
You probably know that you can get an income tax deduction for a gift to a charity if you itemize your deductions. But there is a lot more to charitable…
What to consider when selling a house
It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain…
How saying “I do” affects a couple’s tax situation
The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect…
Reminder: 2021 Second Quarter Estimated Tax Payments Extended in Designated Disaster Areas
As announced by the IRS back in May, second quarter (Q2) estimated tax payments for individuals, businesses, and trusts with addresses in the previously designated affected disaster areas (from the March…
Identity theft protection for taxpayers in six steps
Tax-related identity theft is unfortunately a reality. It occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a…
Checking withholding can help you decide if you need to give your employer a new W-4
All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS…
