They say the early bird gets the worm. Early federal income tax filers may get a couple worms, which is a good thing in this metaphor. Although it may seem like a quaint tradition to wait until the deadline – usually April 15, but actually April 18 in 2022 – there’s more than one valid [...]
According to the Federal Trade Commission, veterans lost approximately $60 million to fraud in 2020. Among the greatest fraud threats to this group is “imposter” fraud. In this scheme, a criminal calls, emails or texts potential victims and pretends to be working for the Veterans Administration (VA) or another government agency. Perpetrators might claim they [...]
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2021 donations. But what happens if you haven’t received such a letter? Can you still claim a deduction for the gift on your 2021 income tax return? It depends. WHAT’S REQUIRED To support a charitable deduction, you [...]
Many businesses need to invest in heavy sport utility vehicles (SUVs) to transport equipment and provide timely services. Fortunately, they may be able to claim valuable tax deductions for the purchases. If you’re thinking about buying one, be sure to brush up on the tax rules first. BONUS DEPRECIATION Under current law, 100% first-year bonus [...]
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 [...]