The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles.
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles.
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too.
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.
Michigan Governor Gretchen Whitmer signed House Bill 5376 into law on December 20, 2021 which amended the Income Tax Act and implemented an elective flow-through entity tax in Michigan.
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.
On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021.
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. Learn more in our recent article.
An eligible employer is allowed a credit against their Medicare payroll taxes for each quarter in an amount equal to 70% of the qualified wages in 2021. The Act extends the Employee Retention Credit (ERC) from June 30, 2021 until December 31, 2021.
On Thursday, March 11, 2021, President Biden signed into law the American Rescue Plan Act. The Act includes a new round of economic stimulus payments and several tax-related provisions for individuals. This article provides an overview of the individual povisions that were included in the Act.
