by Admin | Oct 15, 2021 | Individual Taxes, Tax Planning
Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s...
by Admin | Oct 8, 2021 | Individual Taxes, Retirement
Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress passed the SECURE Act in late 2019 which made significant changes to the retirement plan provisions of the tax code, one of which was...
by Admin | Oct 5, 2021 | COVID-19, Individual Taxes
Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because...
by Admin | Oct 1, 2021 | Individual Taxes
Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return. The...
by Admin | Sep 28, 2021 | Individual Taxes
Following an amendment to legislation approved by the Virginia General Assembly, some taxpayers may now be affected by a new requirement for certain tax payments. Effective for taxable years beginning on or after January 1, 2021, taxpayers who make estimated tax...
by Admin | Sep 28, 2021 | Individual Taxes, Retirement
Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the term “Social Security...
