Business Tax Planning
With year-end approaching, it is time to start thinking about business tax planning for this year and next.
On September 13th, House Ways and Means Committee unveiled their proposals to fund President Biden’s spending priorities.
Form 8938
Both the Form 8938 and FBAR forms require U.S. Persons to report Foreign Accounts to the IRS.
child tax credit
In March of 2021, Congress passed the American Rescue Plan Act (ARPA) and expanded the Child Tax Credit (CTC) temporarily.
taxpayers
Filing a tax return during a global pandemic is proving to be an interesting feat.
deadlines
The federal income tax filing and payment due dates for the 2020 tax year for individuals will be automatically extended from April 15, 2021, to May 17, 2021.
Individual Taxpayer Identification Number
Certain ITINs will expire December 31, 2020, and must be renewed if you will be filing a tax return in 2021.  How do you know if yours will expire?  It will fall into one of these categories:
individual health insurance
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction.
Year-End Planning
The IRS has released final regulations and additional guidance, just before the first tax season in which taxpayers can claim the deduction.
Decrease Tax Bill
The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season.

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