Did you not receive an Economic Impact Payment (EIP) in 2020? If so, you may be able to claim a Recovery Rebate Credit when filing your tax return in 2021. The credit is figured...

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Can you help your tax situation if you donate to charity by Dec. 31? Whether you’re supporting natural disaster recovery, COVID 19 crisis aid or any “qualified” charity, your donations may be tax-deductible, which...

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The IRS will issue SALT deduction regulations for pass-through entities. The regulations will clarify that specified income tax payments are deductible by entities such as partnerships and S corporations in computing their nonseparately stated...

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Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet. The IRS is urging eligible self-supporting college students who don’t need to file a tax return to register...

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Watch out for a gift card scam. Gift cards are a popular gift for all occasions. They’re also a tool that scammers use to steal money from people, according to the IRS. Scammers often...

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The IRS has released guidance regarding additional first-year depreciation deductions for certain depreciable property a taxpayer acquired and placed in service after Sept. 27, 2017, and before the taxpayer’s first tax year that begins...

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The IRS has issued final regulations that update the life expectancy and distribution tables used to calculate required minimum distributions (RMDs) from qualified retirement plans, IRAs, and annuities. Specifically, the regulations update the Single...

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The 2021 federal gift and estate tax exemption will be increasing by $120,000 to $11,700,000. The amount currently is $11,580,000. The Tax Cuts and Jobs Act doubled the exemption base amount from $5 million...

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The IRS has issued the 2021 long-term capital gains rate bracket numbers. The maximum income required to qualify for the 0% bracket will be $40,400 for single taxpayers, $80,800 for married taxpayers filing jointly...

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