Upcoming Tax Deadlines

Upcoming Tax Deadlines February DAY   01 Businesses – Give annual information statements to recipients of certain payments you made during 2020. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. 01 Certain Small Employers – File Form 944 to report […]

Tax Tip: Tracking Income and Expenses for “Gig” Work

Tax Tip: Tracking Income and Expenses for “Gig” Work With working from home becoming more common in 2020 & 2021, many people are taking on freelance or “gig” work to supplement their incomes. Whether you rely on gig work as your primary income source or just log a few hours a week, it is important […]

2021 Adjustments to Tax Brackets and Deductions

2021 Adjustments to Tax Brackets and Deductions The IRS recently released a list of federal income tax adjustments for 2021. The most important changes include higher standard deductions and higher income limits for common tax rates. Standard Deduction Increases The standard deduction for individual taxpayers will increase by $150 in 2021, up to $12,550 for […]