Highlights: Standard Mileage Rates for 2021 Business, Charitable, Medical and Moving Rates Important Considerations for 2021 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical…

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    Article Highlights: • Economic Impact Payments• High-Income Taxpayer Phaseout• Using the 2018 and 2019 Returns• Who Qualified for a Rebate?• Deceased Individuals• Tax Return Non-filers• Reconciliation on the 2020 Return One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may…

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Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been…

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Tax Issues to Be Aware of as Year-end Approaches Article Highlights Take Full Advantage of Your Deductions Traditional IRA Contributions at Any Age Make Charitable Contributions with IRA Funds Larger-than-Normal Charitable Contributions May Be Possible Deducting Charitable Contributions Without Itemizing Marital Status Maximize 2020 Education Tax Credits Convert Your Traditional IRA into a Roth IRA…

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December 3 – Time for Year-End Tax Planning  December is the month to take final actions that can affect your tax result for 2020. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2020 should call for a tax planning consultation appointment. December…

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Scammers are everywhere these days. They have all the nerve in the world and will go as far as impersonating the Internal Revenue Service to get your money. The IRS is a perfect cover because people are generally fearful of this government agency. Fear persuades victims to comply with the scammers demand, even if the…

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To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship because of COVID-19. However, 2020 has given rise to more than the usual tax-planning…

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Article Highlights: Itemized Deduction AGI Limitations What Insurance is Deductible Above-the-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part…

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