The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. Beginning in 2021, Single filers can claim $12,550, Head of Household $18,800 and Married Filing Jointly $25,100. Additionally, the maximum amount that can be deducted for state and…
Health Savings Accounts (HSAs) are a tax efficient way to pay for health care. To establish a HSA you need to be eligible. Taxpayers are eligible if: They are not on Medicare and; They are enrolled in a High…
Extended filing deadline for Individual returns (form 1040) The IRS had extended the filing deadline for individual income tax returns (form 1040) ONLY to May 17, 2021. Tax payments can be made up to the May 17th filing date…
Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity. Don’t wait for this form…
1. Fund Your IRA Taxpayers with earned income can fund an IRA for 2020. The due date for this contribution is April 15, 2021. Taxpayers can fund up to $6,000 if they have this much in earned income. Taxpayers…
