by Paula Kennedy, EA | May 6, 2021 | Tax
“Tax day” is just around the corner. This year, the tax filing deadline for 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should...
by Paula Kennedy, EA | Apr 26, 2021 | Tax
The May 17 filing deadline for your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and...
by Paula Kennedy, EA | Apr 13, 2021 | Tax
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis”. How it works You can claim an itemized deduction on your tax return for real estate taxes and home...
by Paula Kennedy, EA | Apr 5, 2021 | Tax
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable...
by Paula Kennedy, EA | Mar 30, 2021 | Tax
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal...
