The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and
The IRS will be sending out two letters to taxpayers: Letter 6419 – Advance Child Tax Credit Payments Letter 6475 – Economic Impact (stimulus) Payment It is important to retain these letters for your tax return. Do not throw
Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per mile driven for business use (Increase of 2.5 cents compared to 2021) 18
Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to Charity Normally, if you
The IRS recently issued a statement reminding retirees that required minimum distributions from retirement plans and IRAs should be taken by Dec. 31. Generally, required minimum distributions (RMDs) are minimum amounts that must be withdrawn annually from most retirement
As we approach year end, now is the time for individuals, business owners and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring or accelerating tax obligations. Areas potentially impacted by proposed tax
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