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Charitable Contributions Deduction Liberalized for 2021

Charitable Contributions Deduction Liberalized for 2021

As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300 and another for those itemizing their deductions to increase the maximum deduction for cash contributions to 100% of their adjusted gross income (AGI).   

IRS Offers New Identity Protection for Taxpayers

IRS Offers New Identity Protection for Taxpayers

In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to as identity protection (IP) PINs. The IP PIN is a six-digit code known only to the taxpayer and the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayer’s personally identifiable information.

How Biden’s Rescue Plan Might Impact Your Taxes

How Biden’s Rescue Plan Might Impact Your Taxes

President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis. While some of the proposals are intended to be in effect for just one year, it isn’t too great a stretch of the imagination that these could later be extended or made permanent, as many of them have been on the Democrats’ agenda for some time.

Is That Inheritance Taxable?

Is That Inheritance Taxable?

Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries.

Renting Your Home or Vacation Home for Short Periods

Renting Your Home or Vacation Home for Short Periods

Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you rent your home to others, then you should be aware of some special tax rules that probably apply to you.

How to Address Rising Tax Problems During COVID-19

How to Address Rising Tax Problems During COVID-19

COVID-19 has caused the death of over 300,000 people. There have been nearly 19 million reported cases in the United States. COVID-19 has touched nearly every aspect of the lives of every American.

It has even affected finances for most Americans as well, creating waves of economic stress. It will have some tax implications that many people have not considered. For some, it can mean simply reporting income or expenses differently. For others, it may mean having to pay additional income taxes that they had not planned.

Don’t Fall Behind in Saving for Retirement

Don’t Fall Behind in Saving for Retirement

Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important that they continue making contributions to their savings as quickly as financially possible.

IRA Withdrawal Planning Can Save on Taxes

IRA Withdrawal Planning Can Save on Taxes

Advance planning can, in many cases, minimize or even avoid taxes on IRA distributions and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and other qualified retirement accounts, taxpayers need to consider a number of important issues.

2021 Standard Mileage Rates Announced

2021 Standard Mileage Rates Announced

The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical and moving purposes based on a number of factors, to determine the standard mileage rates for the following year.

Sold or Thinking of Selling Your Home?

Sold or Thinking of Selling Your Home?

If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the “thinking about” stage, this article covers the tax basics and some special situations related to home sales and the home-sale gain exclusion.

Year-End Gift Giving with Tax Benefits

Year-End Gift Giving with Tax Benefits

The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits.

Tax Preparation & Planning

Tax Preparation & Planning

Preparing and planning for taxes is often a stressful and complicated endeavor for most people. Preparing your own tax return can be extremely difficult with today's complex tax code and may often leave you with more questions than answers. These days, the majority of...

IRS Tax Representation

IRS Tax Representation

Before you call one of the large advertisers claiming to solve your problems for pennies on the dollar, take the time to talk to your trusted, local expert. Premier Tax & Finance, Inc. in Thousand Oaks, CA is here to help you resolve your tax problems and put an...