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 […]
The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020.Let’s take a look at […]
Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud – and you from identity theft.Credit Evaluation FactorsMany factors are […]
Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.What is an Identity Protection PIN?An identity protection personal identification number (IP PIN) is a six-digit number assigned to eligible taxpayers to help […]
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. IndividualsIn 2021, a number of tax provisions are affected by inflation […]
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.For example, there […]
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 […]
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500. The catch-up contribution limit for employees aged […]
When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you’re working remotely from a location in a different state […]
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2020.Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025.Standard DeductionsThe standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals filing […]