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Monthly Archive for: ‘December, 2020’

  • Tax Form Pic

    Important Tax Deadlines

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    2020 is coming to a close and the last individual 4th quarter estimated tax payments are due January 15, 2021. For the upcoming tax season (April 15, 2021) we will be sending out our engagement letters in December via email and using Adobe Sign to …

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    How the New Stimulus Bill May Affect You

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    On Monday, December 21st, the U.S. Senate and House of Representatives passed a bill that includes $900 billion in stimulus relief in an effort to help individuals and businesses during the ongoing COVID-19 pandemic. Here are a few highlights of the bill that may impact …

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    Year-End Charitable Planning Opportunities

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    As the end of the tax year approaches, it is worth spending a few minutes reviewing some of the changes that have been made in the tax laws surrounding donations to charities. In some cases, this guide will serve as a refresher regarding revisions made …

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    New Text Scam Related to Stimulus Payments

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    The IRS has warned taxpayers of a clever scheme by internet scammers to trick taxpayers into revealing their bank account information under the appearance of receiving the $1,200 Economic Impact Payment (EIP) that Congress authorized last Spring. Criminals are relentlessly using COVID-19 and Economic Impact …

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    Considerations When Renting Your Home or Vacation Home for Short Periods

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    Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you rent your home to others, then you should be aware of some special tax rules that probably …

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    Holiday Gifts To Employees May Be Taxable

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    It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated …

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    IRA Opportunities During the Pandemic

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    As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage …

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