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COVID-related Tax Relief Act of 2020
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, it was signed...
Credit Reports: What You Should Know
Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help...
Identity Protection Pin Available To All Taxpayers
Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims. What is an Identity Protection PIN? An identity...
Important Tax Changes for Individuals and Businesses
Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead. Individuals In 2021,...
Consolidated Appropriations Act (CAA 2021)
On Sunday, December 27th, the signature of President Donald Trump brought months of negotiations into law with the Consolidated Appropriations Act, 2021 (CAA 2021). This law contains over 5,000 pages and encompasses many changes, stimulus, and tax consequences. ...
What You Need to Know About Your PPP Loan
As the year 2020 comes to a close, the slow trickle of information on payroll protection program loans (PPP Loans) has turned into an uncontrolled firehose of data. Here are the top 4 things business owners need to be aware of regarding their PPP Loans as we come to...
Beware of Gift Card Tax Scams
There's never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes. While scam attempts typically peak during tax...
Relief for Drought-Stricken Farmers and Ranchers
Farmers and ranchers who were 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. The relief generally applies to capital gains realized by eligible farmers and ranchers on...
Solar Technology Tax Credits Still Available for 2020
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until...
Retirement Contributions Limits Announced for 2021
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...
Small Business: Deductions for Charitable Giving
Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know. 1. Verify that...
Working Remotely Could Affect Your Taxes
While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from your office, you may be wondering if you will have to pay income tax in both jurisdictions. The short answer is that it...
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