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IRS Identity Theft Season Begins Now

Published on January 25th, 2021

Each year, thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. Early tax filing season is the worst time Your federal tax account at the IRS has plenty of money in […]

2021 Mileage Rates

Published on January 21st, 2021

Mileage rates for travel have been set for 2021. The standard business mileage rate decreases by 1.5 cents to 56 cents per mile. The medical and moving mileage rates also decrease by 1 cent to 16 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. 2021 New Mileage Rates   Here […]

2021 Retirement Plan Limits

Published on January 20th, 2021

As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done […]

2020 COVID Relief Bill Provisions Affecting Individual Taxpayers

Published on January 19th, 2021

Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-Related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC IMPACT […]

Deductibility of Business Meals Provided by Restaurants in 2021 and 2022

Published on January 13th, 2021

You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the […]

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