December 4, 2020

December 2020 Newsletter

Here are your Articles for December 4, 2020.

Here’s how taxpayers can check if their charitable donation is tax deductible
The arrival of the holiday season is when many people think about how they can give back. Often taxpayers want to donate to a charity. The IRS has a tool that can help people figure out if giving to their favorite cause will also give them the gift of a tax deduction.

Tax Exempt Organization Search on allows users to search for tax-exempt charities. Taxpayers can use this tool to determine if donations they make to an organization are tax-deductible charitable contributions.

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Get ready to file taxes: What to do before the tax year ends
There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them.

Donate to charity
There is still time to make a 2020 donation. Taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying charities. Cash donations include those made by check, credit card or debit card. Before making a donation, people can check the Tax Exempt Organization Search tool on to make sure the organization is eligible for tax-deductible donations.

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Social Security Wage Base Increases for 2021
The Social Security Administration (SSA) has announced that the maximum earnings subject to the Social Security component of the FICA tax will increase from $137,700 to $142,800 for 2021. This means that for 2021, the maximum Social Security tax that employers and employees will each pay is $8,853.60 ($142,800 x 6.2%). The Medicare component remains 1.45% of all earnings, and individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly, $125,000 for married filing separately) will pay an additional 0.9% in Medicare taxes.

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Will Your Work-From-Home Policy Continue, Post-Covid-19?
The rapidly growing prospect of a viable vaccine against COVID-19 will cause some employers to rethink their current work-from-home policies. When the pandemic is over, will you ask your at-home workforce to return to your regular worksite? Should you? And if so, under what terms? It’s not too soon to consider the issue. Here’s some perspective on the topic.

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Scam Alert: Keep Up on the Latest
The number of common scams plaguing us has grown exponentially over the years. No longer are most scams limited to those urgent messages from bogus exiled royalty in faraway lands, asking you to hide their fortunes in your bank account. Most of us now know that the purpose of those messages wasn’t to protect their wealth but to lay a trap for stealing yours. Today, scams have grown more sophisticated and bold. Here are tips you can use to arm yourself against becoming the next scam victim.

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The Advantages of Online Benefits Enrollment
Open enrollment for benefits has long been a stressful time for human resources departments, and uncertainty and disruption for employees. By far the majority of HR professionals say online enrollment has helped the process roll out more smoothly. This article describes the advantages of allowing participants to enroll online.

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Maintenance Costs of Owning a Home
If you’re looking for your first home or thinking about adding on to your current house, then take the time to consider the many expenses of home ownership outside of the usual mortgage, property taxes, and homeowners insurance. It may not be the first thing to come to mind, but getting a realistic handle on the many costs of home ownership are key to keeping your budget and savings on target.

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