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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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My Tax Blog

October 5, 2021 | 0
Internal Revenue (But No) Service . . .

Hands with pitcher pouring water into a glass

Tried to call the IRS lately? Nobody answers the phone (or so it seems). Return processing is slow. As June 25, 2021, there were approximately 16.7 million 2019 and 2020 tax returns and almost three million amended returns waiting to be processed*. Then there’s the advanced Earned Income Credit and unemployment over payment stimulus … Internal Revenue (But No) Service . . .

September 23, 2021 | 2020
Love Letters & the IRS (Recovery Credit Tax Notices Part II)

woman setting at computer desk holding her head

IRS is processing its backlog and is issuing lots of “love letters” otherwise known as Tax Notices. Many of the 2020 Tax year tax notices are for Recovery Credit. For Tax Year 2020, Taxpayers not receiving the the full stimulus amount for both payments ($1200 per adult and/or $500 per child received March -May … Love Letters & the IRS (Recovery Credit Tax Notices Part II)

September 15, 2021 | 2021
Tax Increases and the Slowly Roasted Frog. . .

An old parable indicates that a live frog will consent to being cooked if the heat is slowly increased. Seems that the same principle applies to taxes. Part of the Build Back Better Act of 2021 is being crafted in the House Ways and Means Committee. It’s not law yet, but the provisions discussed … Tax Increases and the Slowly Roasted Frog. . .

June 4, 2021 | 2020
Where’s My Refund? It’s been 6 weeks, 10 weeks, 12 weeks

Refunds are taking longer this year. Refunds are delayed if the 2020 tax year return: Claims Child Tax Credit. . For children under the age of 17 or a reduced amount for College Students or disabled children. . Refunds are subject to extra scrutiny because of fraud. Earned Income Credit . . . for … Where’s My Refund? It’s been 6 weeks, 10 weeks, 12 weeks

February 2, 2021 | 0
But I CAN’T AFFORD a Tax Preparer

Never fear! The IRS has two programs to assist. For simple tax returns with taxable income under $72,000: IRS provides free tax preparation under the IRS Free file program. Taxpayers are given access to free tax software to file their tax return. Some software does not support local tax returns (e.g. School District or … But I CAN’T AFFORD a Tax Preparer

January 1, 2021 | 2021
Stimulus Payments Part 2

As you may have heard, President Trump signed the “COVID Relief Part 4 ( Formally known as Continuing Appropriations Act of 2021)” into law recently. Payment amount will be $600 per qualified recipient ($1200 per Married Couple) plus $600 per dependent child claimed on the tax return. As before, no payments are available for … Stimulus Payments Part 2

December 16, 2020 | 2021
2021 Standard Mileage Rates:

Tahoe utility setting at the water's edge of a beach

Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 56 cents per mile for business use • 16 cents per mile driven for medical purposes • 14 cents per mile driven in service of charitable organizations

October 23, 2020 | 0
COVID Reveals a BROKEN “Tax Cookie Jar” for At Home Employees

A question received: I’ve worked from home since March 2020 because of COVID. Can I claim my home office expenses on my 2020 taxes? The tax year and the employment status (employee vs sub contractor or self employed) matters. For 2020 tax year, there may be a home office tax deduction for: 1. Subcontractor (No … COVID Reveals a BROKEN “Tax Cookie Jar” for At Home Employees

October 7, 2020 | 0
Medical Expense Tax Deduction When Don’t Have Enough to Itemize

In certain circumstances, medical expenses can be deducted on the tax return without itemizing. To see if that option is a good fit for you, some questions: Do you have medical insurance coverage through work or through a family medical insurance plan? Is the medical insurance plan deductible (out of pocket) more than $1,400 for … Medical Expense Tax Deduction When Don’t Have Enough to Itemize

September 16, 2020 | 2020
Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

The other day someone affected by the COVID related business slowdown asked, . . .”I have bills to pay, heard something on the news about the CARES Act allowing a penalty free (NOT TAX FREE) retirement account distribution. What is the “penalty”? Do I qualify for a penalty free distribution? How to determine the taxes … Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

Welcome

My Tax Blog

October 5, 2021 | 0 Internal Revenue (But No) Service . . .

September 23, 2021 | 2020 Love Letters & the IRS (Recovery Credit Tax Notices Part II)

September 15, 2021 | 2021 Tax Increases and the Slowly Roasted Frog. . .

June 4, 2021 | 2020 Where’s My Refund? It’s been 6 weeks, 10 weeks, 12 weeks

February 2, 2021 | 0 But I CAN’T AFFORD a Tax Preparer

January 1, 2021 | 2021 Stimulus Payments Part 2

December 16, 2020 | 2021 2021 Standard Mileage Rates:

October 23, 2020 | 0 COVID Reveals a BROKEN “Tax Cookie Jar” for At Home Employees

October 7, 2020 | 0 Medical Expense Tax Deduction When Don’t Have Enough to Itemize

September 16, 2020 | 2020 Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

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