Newsletter February 1,2021 > Newsletter February 1, 2021

2021 Adjustments to Tax Brackets and Deductions

February 1, 2021

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 …

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

February 1, 2021

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 …

Upcoming Tax Deadlines

February 1, 2021

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 …