January 1, 2021

January 2021 Newsletter

Here are your Articles for January 1, 2021.

Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
The Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.

 Full Article     Save Article     Email Firm     Share This   
IRS issues standard mileage rates for 2021
WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020,

• 16 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and

• 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020.

 Full Article     Save Article     Email Firm     Share This   
To avoid tax surprises, update your W-4
Paying taxes is probably low on the list of things that give Americans a warm-and-fuzzy feeling. But getting hit with a surprise tax bill when filing? That makes 34% of Americans feel concerned, 33% frustrated, 32% disappointed and 28% angry, according to a recent AICPA survey conducted by the Harris Poll.

Assuring the correct amount of taxes are withheld from your paycheck can go a long way toward preventing an unexpected tax bill – and the negative emotions that come along with it.

 Full Article     Save Article     Email Firm     Share This   
Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions
Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021.

 Full Article     Save Article     Email Firm     Share This   
IRS warns people about a COVID-related text message scam
The IRS and it’s Security Summit partners are warning people to be aware of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

 Full Article     Save Article     Email Firm     Share This   
Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications
A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners. Here’s a look at the federal tax issues for individual owners of so-called “pass-through” entities and C corporations.

 Full Article     Save Article     Email Firm     Share This   
Looking for Life Insurance? Know Your Options
Life insurance can be a lifesaver for beneficiaries in the event of the untimely passing of a spouse or parent. The industry is creative and, over the years, has developed many variations on the basic life insurance model. It’s essential to get the full picture before plunging into the market. Here’s a quick overview.

 Full Article     Save Article     Email Firm     Share This   
Which Choice is Better for You? Roth IRA, 401k or Both?
Roth individual retirement accounts (IRAs) and 401(k) plans both offer advantages for retirement savings. Keep reading for an explanation and a strategy to make the most out of both types of retirement accounts.

 Full Article     Save Article     Email Firm     Share This   
Handle Payroll Taxes With Kid Gloves
Here’s a business rule you don’t ever want to break, even in a tough economy such as we’re now facing: Don’t borrow from payroll taxes withheld from employees. The IRS views this money as sacred. That’s why the penalties involving these funds are severe. Continue reading for an important heads-up.

 Full Article     Save Article     Email Firm     Share This   
View Report

  • No saved articles.
    Home    About Us    Services    Clients    Resources    Contact Us

4225 Executive Square, Ste 900, La Jolla, CA 92037-1485
21600 Oxnard Street, Ste 2000,Woodland Hills, CA 91367-4969
9171 Wilshire Blvd, Ste 555, Beverly Hills, CA 90210-5515
4304 Park Blvd, San Diego, CA 92103-2525