Gaylor Tax Services Updates

Search This Blog

Credit Card Payment Form

January 21, 2021

Get link
Facebook
Twitter
Pinterest
Email
Other Apps

Get link
Facebook
Twitter
Pinterest
Email
Other Apps

Comments

2021 Year End Tax Moves...

With the approaching Thanksgiving holiday, that means the end of the year is quickly approaching and there is still time to consider making tax moves before December 31st. This post is intended to provide some items to consider doing before year-end for individual/personal taxpayers and is not an exhaustive list of considerations. Individuals: For individual taxpayers, there are some considerations before year-end, some of these are just for 2021 and some are items to consider each year. Itemized Deductions: Itemized deductions is when your various deductions like medical expenses, mortgage interest, property taxes, state and local taxes, charitable donation in total exceed the standard deduction. Medical expenses that exceed 7.5% of Adjusted Gross Income are added to the itemized deductions for Federal purposes, in AZ that percentage is not applicable. The standard deduction for 2021 is $12,550 for unmarried individuals, $25,100 for married filing joint, $18,800 for Head of Househo

IRS 2021 Child Tax Portal

IRS Reveals Child Tax Portal The IRS has revealed the portal/website for unenrolling from the Advance Child Tax Payments. As previously posted, taxpayers may desire to opt out of receiving the advance payments for many reasons, this portal allows taxpayers to unenroll from the advances and provides other information. Please note that if the 2019 or 2020 tax return is being used by the IRS to determine eligibility, if that return was a joint return, then both taxpayer and spouse need to unenroll for the advance payments. The video in this blog shows how to access the portal and briefly addresses the account setup needed to access. Also note that each taxpayer's situation is unique, so the choice to opt out of the advances should be discussed in light of that specific situation.

2021 Arizona Tax Credits

2021 Arizona Charitable Income Tax Credits It is that time again, to update the information for a frequent question to our office: How much can I contribute for the Arizona tax credits? This post is intended to provide answers about the available credits and the limit amount. Due to changes under the Tax Cuts and Jobs Act, in general, the ability to claim these donations as both an AZ tax credit and a charitable donation for Federal taxes was removed. Prior to 2018, these credits may have qualified as a charitable contribution for Federal tax purposes, in addition to the dollar for dollar tax credit against AZ taxes, during 2019 the IRS addressed this situation by allowing tax credits to be claimed as additional state income tax paid, up to the limit allowed for SALT (state and local taxes) deductions on Schedule A (that cap is $10,000 in total). The new rule allows for a partial application of the tax credits as an itemized deduction under the taxes paid section, if not already maxed

Powered by Blogger

Credit Card Payment Form

Comments

Post a Comment