January 18 Individual taxpayers’ final 2021 estimated tax payment is due. January 31 File 2021 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to employees. File 2021 Forms 1099-NEC (“Nonemployee Compensation”) (paper or electronic) reporting nonemployee compensation payments to the IRS and provide copies to recipients, along with a [...]
Because of the COVID-19 pandemic and other reasons, job upheaval has become common among Americans over the past year or so. If you may soon change employers, handle your retirement plan with care. LEAVE AS IS If your plan with your previous employer has a balance of at least $5,000, it must allow you the [...]
If you own a business, you may wonder whether you’re eligible to take the qualified business income (QBI) deduction. (It’s sometimes referred to as the “pass-through” deduction or “Section 199A” deduction.) The QBI deduction is available to owners of sole proprietorships, single-member limited liability companies (LLCs), partnerships, and S corporations, as well as trusts and [...]
Whether you’re in the process of making a retirement or estate plan, or intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items – such as closely held business interests, real estate, art of collectibles – an appraisal may be necessary. RETIREMENT AND ESTATE PLANNING To [...]
If you’re a gig worker or otherwise self-employed, and you don’t have taxes withheld from a paycheck, you likely have to make quarterly estimated tax payments to the IRS. Be advised that the fourth quarter 2021 estimated tax payment deadline for individuals is coming up on Tuesday, January 18, 2022. A PAY-AS-YOU-GO SYSTEM Even if [...]
When one of your company’s customers can’t pay up, you may be able to give that debt “the business.” That is, you may be able to claim a tax deduction under Internal Revenue Code Section 166. To successfully do so, however, you’ll need to know how the tax code defines a partially or wholly worthless [...]