The Social Security Administration announced a 1.3 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2021. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2020. For those contributing to...
If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing next year's tax return. The IRS automatically conducts a name match on the first few letters of...
One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. ...
Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations...
Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Tuesday, September 15th, 2020 Remember, you are required to withhold at...
Tip Category: Planning Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex in its construction, there are often...
You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. Value of the gift When you gift...
New state tax laws are making more and more taxpayers tax cheats without them realizing it is happening. Think it can’t happen to you? Here are some examples. Your small business registers for sales tax in Texas and you receive a letter from some obscure...
With the dramatic increase in identity theft, what can be done to protect your Social Security number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security card with you. Your parents were encouraged to do this, but times have changed. You...
