Tax Changes – Page 21 – Fiducial Blog

Mortgage Insurance Premium Deduction Retroactively Extended

December 17, 2020

This mortgage insurance premium deduction has been retroactively extended back to 2018 and through 2020. Consider amending your 2018 return for a refund.

IRS Releases Final Version of Form 941-X Related to COVID-19 Relief

December 11, 2020

The IRS significantly revised Form 941-X. This form allows for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941

Preparing for 2021: Tax Planning Strategies for Small Business Owners

December 4, 2020

If you are a small business owner, every penny counts. So, you not only want to optimize your revenue but also minimize your expenses and your tax liability

The Solar Credit is Sunsetting Soon--Should You Take Advantage Now?

December 2, 2020

The solar credit is fading away. After being 30% of the cost for many years through 2019, the credit drops to 26% in 2020. In 2021, it drops again to 22%.

Tax-Planning Opportunities for Year-end That You Should Not Miss

November 16, 2020

2020 has more than the usual tax-planning opportunities. Schedule a tax-planning appointment before year-end to enjoy tax benefits and strategies for 2020.

Did you Know That the Social Security Wage Base Is Increasing in 2021?

November 6, 2020

Is your business planning payroll next year? Be aware that the Social Security wage base is increasing. The max earnings subject to SS tax will increase.

Tax Deductions for Charity Volunteers

October 30, 2020

Did you volunteer time for a charity or governmental entity during the COVID-19 pandemic? You may qualify for tax deductions.

What Are the Tax Consequences of Losing Your Job?

October 26, 2020

If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances.