Your Friday tax fact from Chambersburg based Your Accountant.
The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
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Solar Tax Credit is Sunsetting Soon
A little inspiration from Your Accountant. Wednesday Wisdom
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
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Keeping Your Designated IRA Beneficiary Current is Important
The tax filing extension deadline, October 15th, is just around the corner. Here is a quick reminder of what you need to know.
Get ready for the week: Your Accountant has motivation for your Monday.
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.
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Don't Miss Out on Year-End Tax-Planning Opportunities
Here is some midweek Wednesday Wisdom inspiration from your friends at Your Accountant
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
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Are You Keeping Track of Your Investment Basis?
A little inspiration from Your Accountant to start your week.
Your Friday tax fact from Chambersburg based Your Accountant.
Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.
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There is More to Deducting Health Insurance than Meets the Eye
Your Friday tax fact from Chambersburg based Your Accountant.
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
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Renting Your Home or Vacation Home for Short Periods
Some Wednesday Wisdom from your friends at Chambersburg based Your Accountant
To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.
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IRS Releases Inflation Adjustments for 2021
A little inspiration from Your Accountant to start your week.
Midweek Wednesday Wisdom from Your Accountant
If you were a victim of a major natural disaster, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 has special rules about retirement plan and IRA distributions, retirement plan loans, how to compute disaster losses, and relief for non-itemizers. Employers may qualify for a new employee-retention credit.
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Tax Relief for Victims of 2020 Natural Disasters
Here's some motivation for your Monday from Your Accountant
Here are the business tax due dates for February 2021.
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February 2021 Business Due Dates
Here are the February 2021 individual tax due dates:
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February 2021 Individual Due Dates
Your Friday tax fact from Chambersburg based Your Accountant.
