Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for…
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You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and…
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Do you own or lease non-residential (think commercial) real property for your business or rent non-residential real property to others? If so, interior improvements you make to the property may…
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Have you been notified by the IRS that your Company will undergo a payroll tax exam? Are you worried about misclassified workers? As a business owner, you are obligated to…
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The mention of an IRS tax audit has long been a cause for concern for taxpayers. Sometimes the concern is justifiable, while other times it's a fear arising from mythologies…
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This could be another rough tax filing season for the IRS and taxpayers. Although this year’s tax season opens January 24, 2022 (i.e., it is the first day the IRS…
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One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce. While they remain unemployed, they will have lost the opportunity to…
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The Internal Revenue Service recently launched an updated identity verification and sign-in process that enables more taxpayers to securely access and use IRS online tools and applications. Taxpayers using this…
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The year is quickly coming to a close and if you haven't taken your 2021 RMD, it's time to do so. RMDs are required minimum distributions from qualified retirement plans…
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As the end of the year is approaching it’s time to consider implementing some last-minute tax planning strategies that will help reduce your 2021 taxes. Here are five tax reduction…
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