
01/01/2021
2021 Mileage Rates are Here! - New mileage rates announced by the IRS
2021 Mileage Rates are Here! - New mileage rates announced by the IRS
Here are the standard mileage rates for 2021.
20yrs Tax preparation business. Located in Northern Virginia.IRS certified tax preparers. We do current and past years for individual and business returns.
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2021 Mileage Rates are Here! - New mileage rates announced by the IRS
Here are the standard mileage rates for 2021.
Here are the standard mileage rates for 2021.
Here are the standard mileage rates for 2021.
End of the Year Tip #2
Lower Your Tax Liability
Contribute the maximum to retirement accounts
There may be no better investment than tax-deferred retirement accounts.
-Company-sponsored 401(k) plans may be the best deal because employers often match contributions.
Try to increase your 401(k) contribution so that you are putting in the maximum amount of money allowed ($19,500 for 2020, $26,000 if you are age 50 or over). If you can’t afford that much, try to contribute at least the amount that will be matched by employer contributions.
-Contributing to an IRA.
You usually have until the April 15 filing deadline to make IRA contributions, but the sooner you get your money into the account, the sooner it has the potential to start to grow tax-deferred.
Making deductible contributions also reduces your taxable income for the year.
You can contribute a maximum of $6,000 to an IRA for 2020, plus an extra $1,000 if you are 50 or older. Use our IRA Calculator to see how much you can contribute.
If you are self-employed, a good the retirement plan might be a Keogh plan. These plans must be established by December 31 but contributions may still be made until the tax filing deadline (including extensions) for your 2020 return.
We are all counting the final days and hours of 2020 together.
This also means a new tax season is upon us!
Here are some last minute things you may implement for tax deductions.
Donations
Monetary and Tangibles
You can only deduct charitable contributions if you itemize deductions on Schedule A.
To be deductible, you must make charitable contributions to qualified organizations. Contributions to individuals are never deductible.
Your Home. A Bundle of Tax Benefits.
Are you capturing all the tax benefits built into homeownership? Here are the most common.
Are you capturing all the tax benefits built into homeownership? Here are the most common.
Are you capturing all the tax benefits built into homeownership? Here are the most common.
Gone Phishing?
Unlike fishing, phishing has no limits and can hurt anyone it touches. As one of the top 12 IRS tax scams, you do not want to take this bait. Here is what you need to know.
Unlike fishing, phishing has no limits and can hurt anyone it touches. As one of the top 12 IRS tax scams, you do not want to take this bait. Here is what you need to know.
Unlike fishing, phishing has no limits and can hurt anyone it touches. As one of the top 12 IRS tax scams, you do not want to take this bait. Here is what you need to know.
Plan Your 2021 Retirement Contributions
With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions.
With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions.
With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions.
15 Year-End Tax Tips
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching.
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching.
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching.
Hey Stafford people!!
As part of its ongoing response to the COVID-19 crisis, the Stafford County Board of Supervisors passed an emergency ordinance to grant temporary tax relief to taxpayers, the county said
Turn your home office into a tax deduction. Also read about common IRS surprises, how to use depreciation to manage your business's profit margin and ideas to help your kids with virtual learning.
Working from a home office has become a reality for many of us this year. But what, exactly, are the rules to be able to deduct your home office expenses on your tax return? Read about some ideas to help you qualify for the deduction.Also in this month’s edition is an article outlining common...
Client Update Newsletter: December 2020
Working from a home office has become a reality for many of us this year. But what, exactly, are the rules to be able to deduct your home office expenses on your tax return? Read about some ideas to help you qualify for the deduction.Also in this month’s edition is an article outlining common...
Age (not death!) and Taxes - Age does matter, when it comes to tax obligations
The tax code is filled with age triggers. Some are beneficial, while others can create a tax increase surprise. Outlined here are some of the important age triggers everyone should know.
The tax code is filled with age triggers. Some are beneficial, while others can create a tax increase surprise. Outlined here are some of the important age triggers everyone should know.
The tax code is filled with age triggers. Some are beneficial, while others can create a tax increase surprise. Outlined here are some of the important age triggers everyone should know.
Lower Your Taxes THIS YEAR! - Here are 6 ideas that most people can use
As Congress debates tax law changes, and we watch the give and take like its a bad soap opera the clock keeps ticking towards the end of the tax year. So what can you do? Here are some time tested tax reduction ideas.
As Congress debates tax law changes, and we watch the give and take like its a bad soap opera the clock keeps ticking towards the end of the tax year. So what can you do? Here are some time tested tax reduction ideas.
As Congress debates tax law changes, and we watch the give and take like its a bad soap opera the clock keeps ticking towards the end of the tax year. So what can you do? Here are some time tested tax reduction ideas.
IRS Releases Key 2021 Tax Information
Looking to plan ahead? Here are initial figures from the IRS regarding the upcoming, 2021 tax year.
Looking to plan ahead? Here are initial figures from the IRS regarding the upcoming, 2021 tax year.
Looking to plan ahead? Here are initial figures from the IRS regarding the upcoming, 2021 tax year.
Tips to Organize Your Tax Records - Creating order out of chaos
Looking for some ideas to make filing your taxes less cumbersome? Here are some tips.
Looking for some ideas to make filing your taxes less cumbersome? Here are some tips.
Looking for some ideas to make filing your taxes less cumbersome? Here are some tips.
More income is subject to Social Security in 2021 and new benefit amounts have been announced. Plus lots of great ideas to save you, your family and your business money is in this month's letter.
With all the talk during the pandemic to save money, it is possible to go too far. Included here are some ideas to make sure this does not happen to you. The Social Security Administration recently announced its 2021 cost of living adjustments. More wages will be taxed and retirement checks will go....
Client Update Newsletter: November 2020
With all the talk during the pandemic to save money, it is possible to go too far. Included here are some ideas to make sure this does not happen to you. The Social Security Administration recently announced its 2021 cost of living adjustments. More wages will be taxed and retirement checks will go....
Tax Savings for Non-Itemizers - Can't itemize? There are still tax breaks for you
If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?
If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?
If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?
To Amend or Not Amend? - Is it always a good idea to amend your tax return if you find an error?
Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.
Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.
Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.
2021 Social Security Changes Announced
The Social Security Administration recently announced their 2021 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know.
The Social Security Administration recently announced their 2021 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know.
The Social Security Administration recently announced their 2021 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know.
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The tax extension deadline has arrived. Even though the original tax return filing deadline was pushed back from April 15 to July 15 this year, the due date for filing an extended return didn't change – it's still October 15 TODAY
So, if you requested an extension to file your 2019 tax return, but you haven't filed yet, you need to take care of that by midnight tonight to avoid IRS penalties.
Avoid Name Mismatch Audits
If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS.
If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS.
If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS.
Find out if a tax trap is lurking in your paycheck and what to do with your 401(k) when switching jobs. Also read about business website mistakes and fascinating facts about your favorite fall gourd.
Does your monthly income seem a little higher than normal? If so, that may actually be a sign of trouble ahead. Find out how a tax trap could be lurking in your paycheck. Also read about your options for what to do with your 401(k) when switching jobs, common mistakes that businesses make with their...
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In the last 2wks of Stimulus payment roll out, have you been unable to access their database with reasons “Unavailable Information”. Did you owe in 2018/2019? Todat we had several successful clients being able to input their information to direct they deposits to their bank account in coming days/weeks
Please Like & Share this post with your friends. MRSTAX is here to guide you thru this new and chaotic tax season. Do you owe the IRS in past year or present? Wondering if you get a check? If so, why we it not deposited this week? ********* Yes. You will still receive a stimulus check if you meet the income requirement and of legal resident status. *Exception; Child Support payees begins in payments WILL NOT the stimulus under this Stimulus Program. However, the IRS will NOT be depositing your check into your account. Why? Well the IRS cannot back track the account from which you pay from or may not know your bank information. What’s your next step? 1. Visit IRS.GOV to “Get My Payment” There you can see the amount you are to receive. 2. You must follow the prompts thereafter; instruct IRS where to send your payment via bank account if not you’ll receive a paper check at some point in time to the address IRS has on file for you. 3. There is NO NEED to call IRS-they are not their to answer questions. You are guided by the steps in their site.
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