MRSTax Services

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.

01/01/2021

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.

12/29/2020

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.

12/28/2020

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.

12/25/2020

Your Home. A Bundle of Tax Benefits.

Your Home. A Bundle of Tax Benefits.

Are you capturing all the tax benefits built into homeownership? Here are the most common.

12/25/2020

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.

12/18/2020

Gone Phishing?

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.

12/18/2020

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.

12/11/2020

Plan Your 2021 Retirement Contributions

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.

12/11/2020

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.

12/04/2020

15 Year-End Tax Tips

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.

12/04/2020

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.

12/04/2020

Stafford sets tax penalties, interest to zero through January

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

12/02/2020

Client Update Newsletter: December 2020

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...

12/02/2020

Client Update Newsletter: December 2020

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...

11/27/2020

Age (not death!) and Taxes - Age does matter, when it comes to tax obligations

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.

11/27/2020

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.

11/20/2020

Lower Your Taxes THIS YEAR! - Here are 6 ideas that most people can use

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.

11/20/2020

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.

11/13/2020

IRS Releases Key 2021 Tax Information

IRS Releases Key 2021 Tax Information

Looking to plan ahead? Here are initial figures from the IRS regarding the upcoming, 2021 tax year.

11/13/2020

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.

11/06/2020

Tips to Organize Your Tax Records - Creating order out of chaos

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.

11/06/2020

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.

11/04/2020

Client Update Newsletter: November 2020

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....

11/04/2020

Client Update Newsletter: November 2020

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....

10/30/2020

Tax Savings for Non-Itemizers - Can't itemize? There are still tax breaks for you

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?

10/30/2020

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?

10/23/2020

To Amend or Not Amend? - Is it always a good idea to amend your tax return if you find an error?

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.

10/23/2020

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.

10/16/2020

2021 Social Security Changes Announced

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.

10/16/2020

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.

10/16/2020

🗣

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.

10/09/2020

Avoid Name Mismatch Audits

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.

10/09/2020

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.

10/07/2020

Client Update Newsletter: October 2020

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...