2021 Tax Brackets, based on Taxable Income It's never too early to start thinking about your next tax return. For most Americans, that'll be your federal tax return for the 2021 tax year — which, by the way, will be due on April 18, 2022 (April 19 for residents of Maine and Massachusetts). The tax [...]
September 11, 2021, is the twentieth anniversary of the horrific terrorist attack on several targets in the United States that killed almost 3,000 people. A year after that attack, September 11 was made a national day of remembrance and mourning, known as Patriot Day, to honor the memory of those who were killed in the [...]
Are you named as the executor of someone’s estate? Do you expect to be a beneficiary of someone’s estate? If so, keep reading. A woman died in December 2003, leaving her estate to her brother, who was also the executor. He transferred all the estate’s property to himself, except for $50,000 he gave to his [...]
Vehicle mileage expenses comprise one of the major expense deductions on many businesses’ tax returns. The US Tax Code and regulations require the expenses claimed be reasonable and necessary for the production of income. In addition, the Code and regulations require the taxpayer substantiate the expenditures by adequate records. The taxpayer can meet the “adequate [...]
During the past year many people whose work hours and income were reduced may have been tempted to start trading stocks as a way to make money. With the market going up after the brief downturn at the beginning of the COVID-19 pandemic, making money in the stock market looked like easy pickin’s. How hard [...]
In November 2020, the IRS debuted new options designed to help Americans settle back taxes. These options are welcome and important and can help Americans protect their homes and finances. They do not, however, reduce most Americans' need for the assistance of an IRS attorney. Keep reading now to learn how an IRS attorney in [...]
If you have not filed tax returns for the year, you may be in for some administrative trouble. Maybe you are unable to pay, or perhaps your finance team made a mistake. Either way, it is essential to contact a qualified tax attorney to help you tackle this issue! If this sounds like the state [...]
The IRS can impose substantial penalties on those who do not pay their taxes on time. Not only does this include hefty interest rates, but it can also include a penalty that is tacked onto the delinquent balance. None of this is fun, but the IRS also knows that it has significant leverage when dealing [...]
Small Businesses Are at Higher Risk for IRS Audit It may sound counterintuitive, but smaller businesses have been at increased risk for an IRS audit for some time. This is due in large part to the ways in which they manage their payrolls. While larger businesses often have accountants themselves on the payroll, smaller business owners usually perform this task [...]
Each time a new president is elected, they usher in their bold new tax plan that has Americans supposedly feeling better about their bottom line. Donald Trump is no exception. In 2017, President Trump not only announced major tax cuts, but also vastly overhauled the U.S. tax code. This includes the creation of new tax brackets. [...]
If you operate a small business, you will need to know about both income tax withholding requirements and other tax issues in Virginia. For the average person, these issues can be complex. But you don’t have to handle it alone. Seek the legal guidance of an experienced Virginia tax attorney at Sodowsky Law Firm today. Call (703) [...]
Sunday, May 13th is Mother’s Day. While we should celebrate our mothers and be thankful to them all year long, this is a special day set aside just for them. Some mothers get flowers; some get “breakfast” in bed prepared and served by their young children; some get taken out for a special lunch. All [...]
This year, there appears to be a lot of confusion surrounding individual tax payments and 2018 tax reform. This isn’t uncommon. Every year that a new president takes office, there are major changes to the tax code. With the Tax Cuts and Jobs Act, that confusion seems to be compounded. Clients have shown up without [...]
TAX DEADLINE RAPIDLY APPROACHING The deadline of April 15 for filing and paying your federal income taxes is rapidly approaching. If you have not yet done so, you should be gathering and organizing your documents for your return preparer. Don’t wait until the last minute --- you might miss something important. Also, if you expect [...]
With the new tax bill signed into law, you may be wondering how this will impact your tax returns. While some employees have already seen changes in their pay check, the new law will not affect the tax returns you file this year. Nevertheless, with Tax Day coming up on April 17, there some important [...]
