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Taxable vs. Nontaxable Income
February 1, 2021
By: HintonBurdick
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it tha …
Social Security Benefits and Taxes: The Facts
February 1, 2021
By: HintonBurdick
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits onl …
Employer Tax Credit Extended for Payroll Workers
February 1, 2021
By: HintonBurdick
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made several changes to employee retention tax credits. These tax credits were previously made available under the Coronavirus Aid, Relief, and Economic Security Act …
What’s New for 2020 Tax Returns
February 1, 2021
By: HintonBurdick
As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look: 1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS be …
Tax Filing Season Starts February 12
February 1, 2021
By: HintonBurdick
Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS system …
Employee Business Expense Deductions: Who Qualifies?
January 4, 2021
By: HintonBurdick
Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that was more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduct …
Protecting Business Taxpayers From Identity Theft
January 4, 2021
By: HintonBurdick
Starting December 13, 2020, the IRS began masking sensitive data on business tax transcripts. Previously, only sensitive data on individual tax transcripts was masked. Here’s what you need to know about this new initiative to protect business taxpayers …
Understanding the Excise Tax
January 4, 2021
By: HintonBurdick
An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, …
Standard Mileage Rates for 2021
January 4, 2021
By: HintonBurdick
Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020 16 cents per mile driven for medical or moving purpo …
COVID-related Tax Relief Act of 2020
January 4, 2021
By: HintonBurdick
The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, i …
