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2021 tax rates and deductions

Amidst all the pandemic news and 2020 election drama, many might have missed that the IRS also quietly published new 2021 tax rates in late October and a there are plenty of changes that will impact taxpayers in 2021.

While it’s more than a year away (these changes are for 2021 returns filed by ta...

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The Internal Revenue Service announced annual inflation adjustments for the 2021 tax year for more than 60 tax provisions, including standard deductions and the tax rate schedules.

More details can be found at “Revenue Procedure 2020-45” on the IRS website, but that document is dense and spans al...

 Who is Doing Your Taxes? Are They Qualified?

Tax season looms, but who will prepare your return? If you don’t do your own, then make sure your preparer has the right professional designation. Two warning signs:

  1. If the person who prepares your return does not sign it, certifying that it is complete and accurate to the best of their knowledge...
 What You Need to Know About the Secure Act

The Setting Every Community Up for Retirement Enhancement Act of 2019 – the SECURE Act – passed the House of Representatives earlier this year and was approved by the Senate and signed by President Trump on the days leading up to Christmas.

Incorporated into a broader 2020 fiscal year appropriatio...

 Summer Job Tax Tips

It’s almost July 4th and for teens and young adults taking summer jobs, it’s time to gain experience, earn some cash and learn a bit about adulthood. And one of the best grown-up subjects to start with? Taxes.

Whether you’re new to summer work or been at it for years, here are eight tax tips you n...

Playing by the IRA Rules

Individual Retirement Accounts (IRAs) offer favorable tax-deferral benefits to individuals who are saving for retirement. But with those benefits, there are certain rules about when distributions may be taken to avoid penalty taxes. Contributions to a traditional IRA, depending on your income and pa...