tax Archives - BeachFleischman CPAs

2021 individual taxes: Answers to your questions about limits

February 11, 2021 February 19, 2021 Tax Department Tax Bites 401(k) contribution, IRA contributions, social security, tax, tax deductions, tax planning

How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.

Many tax amounts affecting businesses have increased for 2021

February 9, 2021 Tax Department Financial and Professional Services, Tax Bites business tax, meals and expenses, retirement plan contributions, Section 179, social security, tax, tax deductions

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.

Arizona Prop 208 Adds a 3.5% Surcharge to Highest Personal Income Tax Bracket

February 1, 2021 February 2, 2021 Melody Haddad SALT arizona, arizona propositions, prop 208, tax

Arizona voters approved Proposition 208, which took effect on January 1, 2021. Prop 208 adds a 3.5% surcharge to Arizona’s highest personal income tax bracket, resulting in an effective tax rate of 8% for affected taxpayers. At this increased 8% tax rate, Arizona becomes one of the highest taxing states for top earners. Affected individuals are[ … ]

2021 Tax Calendar

January 28, 2021 February 2, 2021 Tax Department Tax Bites 2021 tax deadlines, tax, tax deadlines

Reference this tax calendar to learn 2021 deadlines of various tax-related forms and payments.

Do you have tax questions related to COVID-19? Here are some answers

May 5, 2020 November 23, 2020 Tax Department COVID-19, Tax Bites deduct losses, estimated tax payments, IRA contributions, remote work expenses, tax, unemployment benefits

If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions. Here are some answers.

IRA charitable donations are an alternative to taxable required distributions

October 30, 2019 Tax Department Tax Bites charitable donations, IRA, required distributions, tax

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision[ … ]

2 Major Tax Law Changes for Individuals in 2019

January 11, 2019 January 10, 2019 Tax Department Tax Bites alimony, medical expense deduction threshold, tax, tax planning, TCJA

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health[ … ]

Mutual funds: Handle with care at year end

November 14, 2018 Tax Department Tax Bites investment, mutual funds, tax

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.[ … ]

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

April 10, 2018 Tax Department Tax Bites tax, tax deadline, tax penalties

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of the IRS.[ … ]

Tag: tax