February 2021
California Tax Updates for February 17th
Update 1: California’s Franchise Tax Board (FTB) has reopened. In a public service bulletin the FTB announced that beginning Feb. 1, 2021, its field offices and their public counter operations reopened to assist customers by [...]
2021 Individual Taxes: Answers To Your Questions About Limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less [...]
Many Tax Amounts Affecting Businesses Have Increased For 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled [...]
The Power of the Tax Credit for Buying an Electric Vehicle
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal [...]
January 2021
Updates From the IRS- February 1st Deadline, Employee Retention Credit and More
February 1 deadline: Employers to issue and file wage statements; Businesses to provide Forms 1099-MISC and 1099-NEC to recipients By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, [...]
Don’t Forget To Take Required Minimum Distributions This Year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES [...]