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.
Do You Need To File a 2020 Tax Return?
Topics: Personal Finance, Taxes, Tax Return
Protecting Business Taxpayers From Identity Theft
Starting December 13, 2020, the IRS began masking sensitive data on business tax transcripts. Previously, only sensitive data on individual tax transcripts was masked.
Topics: Business Ownership, Taxes, Tax Transcript
Understanding the Excise Tax
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:
Topics: Business Ownership, Taxes, Excise Tax, Business Expenses
Standard Mileage Rates for 2021
Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows:
Topics: Taxes, Record Keeping, Tax Deduction
Employee Business Expense Deductions: Who Qualifies?
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.
Topics: Taxes, Tax Deduction, Business Expenses
Retirement Contributions Limits Announced for 2021
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:
Topics: Personal Finance, Retirement
Relief for Drought-Stricken Farmers and Ranchers
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.
Topics: Taxes, Business Expenses
Solar Technology Tax Credits Still Available for 2020
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:
Topics: Personal Finance, Taxes, Tax Credit, Home Ownership
Charitable Donation Deduction Could Lower Your Tax Bill
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.
Topics: Taxable Income, Personal Finance, Taxes, Tax Deduction, Tax Return, Nonprofit, Tax Preparation
Beware of Gift Card Tax Scams
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.
Topics: Personal Finance, Tax Scam