Posts Tagged ‘Deduction’
There’s Still Time to Contribute to an IRA for 2021
Even though tax filing season is well under way, there’s still time to make a regular IRA contribution for 2021. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2021 ($7,000 if you were age 50 or older on or before December 31, 2021). For most taxpayers,…
Read MoreHow to Invest in Your Health in 2022
How to Invest in Your Health in 2022 Healthcare is one of the essential parts of life’s financial and personal journey. Many have not yet utilized all the financial tools that are available to you. We’re here to help you navigate your employee benefits packages to ensure you are maximizing all of your employee benefits…
Read MoreYear-End Charitable Giving
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should…
Read MoreTeachers Can Deduct COVID-19 Supplies on Tax Return
Eligible teachers can write off their expenses for coronavirus protective items that will help stop the spread of COVID-19. The IRS has just issued guidance under which teachers can deduct unreimbursed expenses for protective items thanks to the COVID-Related Tax Relief Act that was passed in December. Personal Protective Equipment (PPE) Personal Protective Equipment (PPE) and other items used to stop the…
Read MoreIRA and Retirement Plan Limits for 2021
Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased. IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2021 is $6,000 (or 100% of your earned income, if less),…
Read MoreTips to Keep in Mind for Taxpayers Traveling for Charity
During the summer, some taxpayers may travel because of their involvement with a qualified charity. These traveling taxpayers may be able to lower their taxes. Here are some tax tips for taxpayers to use when deducting charity-related travel expenses: • Qualified Charities. For a taxpayer to deduct costs, they must volunteer for a qualified charity. Most…
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