The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here's the story.…
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they're incurred or paid — or whether they…
The Treasury Department and Internal Revenue Service announced yesterday that the April 15 deadline to file 2020 federal income taxes for individuals has been automatically extended to May 17, 2021. As this extension is automatic, taxpayers will not need to…
Tax season is well underway. The pandemic has led to several changes to the tax rules for last year. Here's a summary of four taxpayer friendly changes that may affect your 2020 federal income tax return. 1. Limited Charitable Deduction Can…
The latest economic stimulus bill was recently signed by President Biden, with stimulus payments hitting bank accounts as soon as this weekend. Called the American Rescue Plan Act of 2021 (ARPA), the bill extends many provisions of earlier coronavirus legislation…
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one. You may have to make estimated tax payments…
Are you in the market for a new vehicle? If you jump on the electric vehicle bandwagon, you might be eligible for a sizable federal income tax credit. However, not every electric vehicle qualifies for the credit. And the tax break…
More and more businesses rely on marketplace facilitators to put their products in front of customers. But what exactly is a marketplace facilitator? And if they are selling your goods, who's paying the sales tax? Brandon Mills, CPA answers these…
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE…
The IRS has announced that many tax filing deadlines for Texas residents have been automatically extended to June 15, 2021 to allow for impacts due to recent winter storms. This extension applies to the following returns: 2020 business returns due…