If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021...
For Individuals
Did you make donations in 2020? There’s still time to get substantiation
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax...
Consider your options when addressing life insurance in your estate plan
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes aren’t a concern, life insurance continues to offer many benefits for these nontaxable estates. For this...
Getting sentimental over your tangible personal property
As a formal estate planning term, “tangible personal property” likely won’t elicit much emotion from you or your loved ones. However, the items that make up tangible personal property, such as jewelry, antiques, photographs and collectibles, may be the most...
Don’t forget to take required minimum distributions this year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to...
The power of the tax credit for buying an electric vehicle
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying...
2021 individual taxes: Answers to your questions about limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension)....
Consolidated CARES Coronavirus Updates
Updated Summary of Tax Deadlines Automatic Extended Due Dates** State Which Filings Filing Date Payment Date 1st Quarter Estimate Notes California All returns 7/15/2020 7/15/2020 7/15/2020 Includes 2nd quarter estimates Connecticut Individual 7/15/2020 7/15/2020...
Coronavirus Related Paid Sick Leave for Workers and Tax Credits
The IRS and Department of Labor have announced that small and midsize employers can begin taking advantage of two refundable payroll tax credits, which are designed to immediately and fully reimburse the employer, dollar for dollar, for the cost of providing...
DC EXTENDED TAX DEADLINE
Today, Mayor Muriel Bowser and Chief Financial Officer Jeffrey DeWitt announced that the deadline for taxpayers to file and pay their 2019 District of Columbia individual and fiduciary income tax returns (D-40, D-41, and D-40B), partnership tax returns (D-65), and...