Tax Planning

  • Expats, Others Abroad Face June 15 Filing Deadline

    Uncle Sam is reminding its citizens who live and work outside its borders that their tax deadline is rapidly approaching. While the bulk of taxpayers had to get their tax returns filed by May 17 this year, U.S. citizens and resident aliens who live abroad—as well as those with dual citizenship—have to file by June…

  • IRS Says It’s a Good Time to Fine-Tune Withholding

    Now that the income tax filing deadline has passed, it’s a good time to take a hard look at whether we have the right amount of taxes withheld from our paychecks. After all, getting hit with a big tax bill after filing can often mean that the employee isn’t withholding enough of their paycheck to…

  • IRS Encourages Taxpayers Who Missed the Deadline to File

    The deadline for filing income taxes came and went on May 17, but that’s no reason to think the filing door is completely shut. Taxpayers who owe tax due but didn’t request an extension should file now to keep their penalties and interest to a minimum. Even if taxpayers don’t owe tax due, it’s still…

  • FBAR Deadline is Still April 15

    While the deadline for filing federal income taxes has been pushed back to May 15 because of the COVID-19 pandemic, those who file an annual Report of Foreign Bank and Financial Accounts (FBAR) still face their same April 15, 2021 due date. FBAR filers who miss the April 15 deadline, however, will get an automatic…

  • Taxpayers Can Still Get Credit for IRA Contributions on 2020 Returns

    Taxpayers, no matter their age, may be able to claim a deduction on their 2020 tax returns for contributions to their Individual Retirement Arrangement (IRA) if they make them by April 15. Contributions to a traditional IRA are usually tax-deductible, and distributions are generally taxable. Taxpayers have from now to April 15, 2021, to make…

  • Farmers and Fishers Face March 1 Tax Deadline

    Taxpayers with income from farming or fishing face a March 1 deadline for filing their income taxes. But the IRS reminds them they can avoid making any estimated tax payments by filing and paying their entire tax due on or before the deadline. The rule generally applies if farming or fishing income amounted to at…

  • COVID and Retirement Funds: Options and Strategies

    The COVID-19 pandemic has caused significant financial strain for millions of taxpayers. From job losses and business closures to medical bills and lost revenue, unexpected costs and hardships have threatened to sink American families’ finances. While unemployment benefits, paid sick leave, Payroll Protection Program loans, and stimulus money have helped some stay afloat, many have…

  • Today is the Deadline for Making a TY 2020 Fourth Quarter Estimated Tax Payment

    The Internal Revenue Service is reminding taxpayers that today—January 15, 2021—is the deadline for making a tax year 2020 fourth quarter estimated tax payment. The goal of the press release is to prevent taxpayers who did not pay enough tax throughout 2020 from owing tax or a penalty during filing season. The IRS says there…

  • 2021 Standard Mileage Rates Now Available

    Taxpayers who expect to do some business-related driving next year will probably be happy to learn that the optional standard mileage rates for 2021 are now available from the Internal Revenue Service. Included in Notice 2021-02, the new standard mileage rates will apply on January 1, 2021. The optional standard mileage rates are one of…

  • New Guidance Clears Up Partnership Deduction for State, Local Taxes

    A new notice from the Internal Revenue Service reveals some new rules that are expected to be included in upcoming proposed regulations. Notice 2020-75 spells out the proposed regulations clarifying that state and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed to be claimed as…