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Small Business Taxpayers: The Year in Review
December 1, 2021
By: HintonBurdick
Here’s what business owners need to know about tax changes for 2021. Standard Mileage Rates The standard mileage rate in 2021 is 56 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least ha …
Individual Taxpayers: The Year in Review
December 1, 2021
By: HintonBurdick
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The stan …
Individual Taxpayers: Year-end Tax Planning Strategies
November 1, 2021
By: HintonBurdick
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021. General Tax Planning Strategies General tax planning strategies for individuals include accelerating o …
Business Owners: Year-end Tax Planning Strategies
November 1, 2021
By: HintonBurdick
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2022 by delaying end-of-year invoices s …
Worker Classification: Employee vs. Contractor
November 1, 2021
By: HintonBurdick
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal R …
Tax Benefits of Health Savings Accounts
November 1, 2021
By: HintonBurdick
While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits. Let’s take a look: What is a Health Savings Account? A Health Savings Account is a …
IRS Charges Fee for Estate Closing Letters
November 1, 2021
By: HintonBurdick
Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law, federal agencies are requir …
Shared Custody and Advance Child Tax Credit Payments
November 1, 2021
By: HintonBurdick
Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit that taxpayers expect to claim on their …
Tips To Avoid Fraud and Scams After a Disaster
November 1, 2021
By: HintonBurdick
Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. Generally, these disaster scams start with unsolicite …
Deferred Tax on Gains From Forced Sales of Livestock
November 1, 2021
By: HintonBurdick
Farmers and ranchers forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. Here are some important facts to help farmers understand how the deferral works and thei …
