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Do You Need To File a 2020 Tax Return?

Posted by Missy Dennis on Feb 4, 2021 8:09:00 AM

Most people file a tax return because they have to, but even if you don't, there are times when you should - because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you're one of them.

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Topics: Personal Finance, Taxes, Tax Return

Protecting Business Taxpayers From Identity Theft

Posted by Missy Dennis on Feb 2, 2021 8:12:00 AM

Starting December 13, 2020, the IRS began masking sensitive data on business tax transcripts. Previously, only sensitive data on individual tax transcripts was masked.

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Topics: Business Ownership, Taxes, Tax Transcript

Understanding the Excise Tax

Posted by Missy Dennis on Jan 28, 2021 8:16:00 AM

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services. Excise taxes are imposed on a wide variety of goods, services and activities and may be imposed at the time of:

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Topics: Business Ownership, Taxes, Excise Tax, Business Expenses

Standard Mileage Rates for 2021

Posted by Scott Farnes on Jan 19, 2021 8:02:00 AM

Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows:

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Topics: Taxes, Record Keeping, Tax Deduction

Employee Business Expense Deductions: Who Qualifies?

Posted by Missy Dennis on Jan 13, 2021 8:12:00 AM

Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that was more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions unless they are a qualified employee or an eligible educator.

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Topics: Taxes, Tax Deduction, Business Expenses

Retirement Contributions Limits Announced for 2021

Posted by Missy Dennis on Dec 30, 2020 8:08:00 AM

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:

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Topics: Personal Finance, Retirement

Relief for Drought-Stricken Farmers and Ranchers

Posted by Scott Farnes on Dec 23, 2020 8:02:00 AM

Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. The relief generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry, are not eligible.

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Topics: Taxes, Business Expenses

Solar Technology Tax Credits Still Available for 2020

Posted by Scott Farnes on Dec 17, 2020 8:08:00 AM

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these tax credits:

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Topics: Personal Finance, Taxes, Tax Credit, Home Ownership

Charitable Donation Deduction Could Lower Your Tax Bill

Posted by Missy Dennis on Dec 8, 2020 8:17:00 AM

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020.

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Topics: Taxable Income, Personal Finance, Taxes, Tax Deduction, Tax Return, Nonprofit, Tax Preparation

Beware of Gift Card Tax Scams

Posted by Scott Farnes on Dec 3, 2020 8:04:00 AM

There's never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes. While scam attempts typically peak during tax season, taxpayers need to remain vigilant all year long.

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Topics: Personal Finance, Tax Scam

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