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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

September 15, 2021 | 2021 Tax Season, Capital Gains, Editorial, Form 1040, IRS...
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 Tax Year, 2021 Tax Season, Form 1040, IRS, Refund...
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 | IRS, Tax Resources, Taxes...
But I CAN’T AFFORD a Tax Preparer

woman setting at computer desk holding her head

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 Tax Season, Stimulus, Tax Forms, Tax Resources, Taxes...
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 Tax Season, IRS, Mileage, Taxes...
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 | Employee deductions, Legislative Update, Tax Forms, Tax Planning-Business, Tax Resources...
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 | Form 1040, Health Savings Acct (HSA), Itemized Deductions (Schedule A), Medical Expense, Medical Insurance...
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 Tax Year, Form 1040, IRS, Retirement Accounts IRA/401K, Tax Resources...
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

September 1, 2020 | Collection, IRS, Tax Resources, Taxes...
How Long Should I Keep Tax Return Copies?

Top half of IRS 1040x amended tax return form

Depends on tax situation: If don’t own a business, then keep AT LEAST four years of tax returns. The IRS has three years after the tax return is filed to review the filed return and send a bill. CAREFUL! IRS can review up to six tax years of tax returns if twenty five percent or … How Long Should I Keep Tax Return Copies?

August 27, 2020 | IRS, Refund, Refund Status, Tax Forms, Taxes...
IRS Pays ME Interest?!

Yes, under certain conditions. FOR TAXPAYERS: The IRS must pay interest if the taxpayer’s tax refund is paid more than 45 days after the tax return due date. Because of the COVID-19 shutdown, some individual taxpayer refunds have interest added. Extra money from the IRS . . .Yay! Careful: CATCH22!! IRS interest received is taxable. … IRS Pays ME Interest?!

Welcome

My Tax Blog

September 15, 2021 | 2021 Tax Season, Capital Gains, Editorial, Form 1040, IRS... Tax Increases and the Slowly Roasted Frog. . .

June 4, 2021 | 2020 Tax Year, 2021 Tax Season, Form 1040, IRS, Refund... Where’s My Refund? It’s been 6 weeks, 10 weeks, 12 weeks

February 2, 2021 | IRS, Tax Resources, Taxes... But I CAN’T AFFORD a Tax Preparer

January 1, 2021 | 2021 Tax Season, Stimulus, Tax Forms, Tax Resources, Taxes... Stimulus Payments Part 2

December 16, 2020 | 2021 Tax Season, IRS, Mileage, Taxes... 2021 Standard Mileage Rates:

October 23, 2020 | Employee deductions, Legislative Update, Tax Forms, Tax Planning-Business, Tax Resources... COVID Reveals a BROKEN “Tax Cookie Jar” for At Home Employees

October 7, 2020 | Form 1040, Health Savings Acct (HSA), Itemized Deductions (Schedule A), Medical Expense, Medical Insurance... Medical Expense Tax Deduction When Don’t Have Enough to Itemize

September 16, 2020 | 2020 Tax Year, Form 1040, IRS, Retirement Accounts IRA/401K, Tax Resources... Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

September 1, 2020 | Collection, IRS, Tax Resources, Taxes... How Long Should I Keep Tax Return Copies?

August 27, 2020 | IRS, Refund, Refund Status, Tax Forms, Taxes... IRS Pays ME Interest?!

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