by Paula Kennedy, EA | Feb 3, 2021 | Tax
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile for business miles. As a result, you might claim a lower deduction for...
by Paula Kennedy, EA | Jan 26, 2021 | Tax
There’s a new IRS form 1099-NEC and 1099-MISC for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms...
by Paula Kennedy, EA | Jan 26, 2021 | Tax
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip...
by Paula Kennedy, EA | Jan 19, 2021 | Tax
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline...
by Paula Kennedy, EA | Jan 12, 2021 | Tax
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for education tax breaks to help foot the bill. The...
