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New Tax Brackets for 2021... What Will You Owe?

Oct 29, 2020
2 min

New Tax Brackets for 2021... What Will You Owe?

The Internal Revenue Service has released 2021 tax brackets, including inflation adjustments for the next year. The IRS also boosted the standard deduction for a single taxpayer to $12,550, an increase of $150 from this year. Married couples could see a $300 increase with a joint deduction of $25,100. There are seven marginal tax brackets. The IRS will tax different portions of your income at different rates. Here’s how the seven tax brackets will break down, according to the

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Deduct Meals & Entertainment As a Business Expense

Oct 27, 2020
1 min

Deduct Meals & Entertainment As a Business Expense

Are you unsure of what meal and entertainment expenses you can deduct as a legitimate business expense? The IRS recently issued final regulations on the allowable deduction for meals and entertainment. The final regulations address business meals provided at or during an entertainment activity. The final regulations also incorporate other statutory requirements taxpayers must meet **to deduct 50 percent** of an otherwise allowable food or beverage expense. Specifically, the e

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Taxpayers who need last year’s tax return have several options

Oct 21, 2020
2 min

Taxpayers who need last year’s tax return have several options

Help is available for taxpayers who need tax information for prior years, but who didn’t keep copies of their returns. If taxpayers didn’t keep these records, here are some things they can do: Ask software provider or tax preparer Those who need a copy of their tax return should check with their software provider or tax preparer first. Prior-year tax returns are available from the IRS for a fee. Get a transcript Taxpayers who can’t get a copy of a prior-year return may order

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Deadlines Are Just Around The Corner

Sep 25, 2020
2 min

Deadlines Are Just Around The Corner

No Stimulus Check Yet? Do you have a qualifying child? If so, you must register with the IRS by Wednesday, Sept. 30 to receive a $500 payment per child. If you still haven't used the Non-Filers tool at irs.gov, you only have until Thursday, Oct. 15 to register for your Economic Impact Payment, aka: Your Stimulus Check. Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those who don’t choose direct deposit w

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Help for victims of most recent disasters

Sep 18, 2020
1 min

Help for victims of most recent disasters

For thousands of Americans the tax year 2019, and the calendar year 2020 has been one disaster after another. Fortunately, in the case of declared emergencies, when it comes to taxes, some relief is possible. Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. Depending on the circumstances, the IRS may grant additional time t

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An Illegal Filing Ends Badly

Sep 16, 2020
1 min

An Illegal Filing Ends Badly

Eileen Maki, a tax preparer, recalls witnessing how one would-be client’s determination to file incorrectly — and illegally — backfired. When a married couple came to her, Barry, the husband, insisted she file their taxes separately, with his return as Head of Household and his wife Cara’s as single. Eileen refused to file their taxes. When Maki explained she couldn’t do that because they were legally married, Barry became irate, saying his sister had done it, hurling an empt

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Is it Really the IRS Calling?

Sep 14, 2020
1 min

Is it Really the IRS Calling?

How do you know the phone call you received is truly from an IRS employee? The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business. These calls and HOME VISITS can occur when a taxpayer has an overdue tax bill, to secure a delinquent tax return or when there's a delinquent employment tax payment. The revenue officer may also visit and d

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More than 6 out of 10 Aren't Withholding Taxes On U.I.

Sep 8, 2020
1 min

More than 6 out of 10 Aren't Withholding Taxes On U.I.

Several clients of ours at Elite Tax Defense who are now receiving unemployment income were unaware that these benefits will be taxed as regular income. There are now more than 40 million Americans who have lost jobs due to the coronavirus pandemic. Some are going back to work but many are not and of those not back to work, most are currently collecting unemployment benefits. State unemployment benefits, as well as the additional $600 per week in coronavirus relief that Was

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Don’t be hit with a 25% tax penalty for filing late!

Sep 8, 2020
2 min

Don’t be hit with a 25% tax penalty for filing late!

October 15 is just around the corner and if you filed an extension on your 2019 tax return, and you don’t file your return by October 15, the penalty is quickly going to skyrocket to 25 percent of the unpaid taxes. If a return is filed more than 60 days after the deadline, it is subject to a minimum late filing penalty that is the lesser of either 100 percent of the tax required to be shown on the return that was not paid on time, or a specific dollar amount that has been adj

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