News

Due to Covid-19, I conduct all client meetings virtually, except the signing meeting for my  estate planning clients. Clients may choose a telephone meeting or a video conference over Zoom.

 

From the IRS website:

IRS issues FAQs for Recovery Rebate Credit

IR-2022-13, January 13, 2022

WASHINGTON — The Internal Revenue Service today issued frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit PDF. Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 tax year information. Individuals may have received their third Economic Impact Payment through initial and "plus-up" payments in 2021.

Note: Third Economic Impact Payments are different than the monthly advance Child Tax Credit payments that the IRS disbursed from July through December 2021. MORE

Interactive Tax Assistant

The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to your individual circumstances. Based on your input, it can determine if you have to file a tax return, your filing status, if you can claim a dependent, if the type of income you have is taxable, if you're eligible to claim a credit, or if you can deduct expenses. MORE . . .

 Expanded Tax Benefits for Gifts to Charity in 2021

Usually taxpayers who take the standard deduction cannot deduct their charitable contributions. The law now permits taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions they made to certain qualifying charitable organizations.

These taxpayers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions to qualifying charities during 2021. The maximum deduction is $600 for married individuals filing joint returns. More . . .