Blog

2020 – 10/26

2020 – 10/26

Time’s almost up to receive an Economic Impact Payment (EIP). Eligible taxpayers must register by Nov. 21. To encourage people to be ahead of the deadline, the IRS has set Nov. 10 as “National EIP Registration Day,” promoting EIP information in 35 languages. These...

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Buying and selling mutual fund shares: Avoid these tax pitfalls

Buying and selling mutual fund shares: Avoid these tax pitfalls

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund...

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2020 – 10/15

2020 – 10/15

The Social Security (SS) wage base increases to $142,800 for 2021, up from $137,700. Wages and self-employment income above this threshold aren’t subject to SS tax. The Federal Insurance Contributions Act (FICA) imposes SS tax and a Medicare tax on employees,...

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2020 – 10/13

2020 – 10/13

People who owe unpaid taxes now have a new, easier way to make payments. As of Oct. 2020, the IRS has added Quick Response (QR) barcode technology to certain notices (Notices CP14 and CP14 IA) sent to 8 million taxpayers who owe taxes each year. They can now scan a QR...

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What tax records can you throw away?

What tax records can you throw away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which...

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2020 – 09/29

2020 – 09/29

New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser...

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2020 – 09/11

2020 – 09/11

The IRS has postponed, until Jan. 15, 2021, the due date for reporting and paying the excise taxes on minimum required contributions to a single employer defined benefit plan. The tax is imposed on employers that maintain such plans as follows: 10% of the aggregate...

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