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 [...]
When it comes to deducting unreimbursed business expenses on your tax return, if you are a “starving artist,” you get a special tax break that other “regular” employees don’t. Prior to 2018, employees could deduct unreimbursed business expenses in the Miscellaneous Itemized Expense section on Schedule A, subject to the 2%-of-adjusted-gross-income threshold. The 2017 tax [...]
The COVID-19 pandemic made the past year quite difficult for everyone as we all struggled with significant changes in our daily lives. Learning how to work and attend school remotely. Not getting to dine out with family and friends. Not getting to visit and hug loved-ones, be they parents in nursing homes or our grandchildren [...]
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 [...]
When you consult a lawyer about your employment lawsuit, two things will go on: 1. You will evaluate the lawyer to decide whether this is the person that you want to represent you. 2. The lawyer will evaluate you and your case to decide whether he or she wants to represent you. Here is how [...]
Coronavirus Relief Options Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. Funding Options In addition to traditional SBA funding programs, the CARES [...]
The IRS recently signed a seven-year, $99-million deal with a private company for data mining software to help the IRS track down and prosecute tax cheats. The technology can sift through mountains of taxpayer information, exposes suspicious activity, and identify cases for possible audit. With tight budgets, the software boosts efficiency. The IRS is being [...]
Although courts have been less inclined in recent years to grant alimony (spousal support paid from one partner to the other on an ongoing basis following a divorce), there are some scenarios in which it is more commonly awarded, such as when one partner was responsible for the vast majority of the couple’s combined income [...]
Although the IRS lost a lot of staff over the past few years due to budget cuts, retirements, and hiring freezes, it has been hiring additional enforcement personnel in the past few months. The personnel are being trained and are starting to hit the field. That means the IRS is ramping up to increase tax [...]
Many of us feel overwhelmed with paper and record keeping. I often get asked how long records should be kept, as well as what records to keep. Here’s a court case that will help you appreciate the need for good tax records. Proving Basis in the Home Riley and Joyce Pendergraft bought their home in [...]
