Every year, and tax year 2021 will not be different, brings a few surprises to some of us. Even though a few tax changes are already announced, you might want to be aware of them. There are planned adjustments and changes because of inflation and phase-outs too. If you’re doing your own tax return, you need to be especially aware.
Proper financial planning provides View full post…
There are times when going to a professional tax preparer might be a good idea, but for most individuals, doing your taxes yourself is fairly straight forward. This is especially true now and through 2025. The Tax Cuts and Jobs Act (TCJA) that was enacted in December 2017, increased the standard deduction that most of us now use.
At the same time the standard deduction was increased, the entire category for Miscellaneous deductions on Schedule A was eliminated. This, in effect, View full post…
Are you one of the many taxpayers who decide how and where to file your 1040 online every year? For some of you, it may be a tough decision because of the complexity of your taxes. You may have K-1’s coming in or maybe you operate a single member LLC that gets reported on your personal return on a Schedule C.
However, for most taxpayers, the new increased standard deduction provided by the Cares Act is now used instead of View full post…
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