Tax Planning For Individuals
  • Document Cash and Non-Cash Donations
  • Track Home Office Expenses (Unreimbursed expenses related to your job)
  • Document Education Expenses related to obtaining higher education degrees and/or certifications that will enhance your job skills.
  • Make Contributions into your 401(k), 403(b) Plans, Roth or Traditional IRA's

     2021 Tax Season Highlights

      Here is a list of some important changes for filing 2019 Tax Returns:

  •    Increased Standard Deduction Amounts for all filing statuses
               Single                                      $12,550
               Married Filing Joint                  25,100
               Married Filing Separate           12,550
               Head of Household                  18,800

  • Charitable contributions - Taxpayers who DO NOT Itemized their deductions can now claim up to $300 of charitable contributions made to qualifying charities. 

  • Recovery Rebate Credit and Economic Impact Payments received during 2020 are NOT Taxable.

  • 401(k) Contribution Limits increased to $19,000 and $6,000 for taxpayers over 50 years old making catch-up contributions.

  • For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs. Individuals can make tax-deductible IRA contributions past age 70½. In addition, they may be able to claim a deduction on their individual federal income tax return for the amount contributed to the IRA. IRA Contribution Limits increased to $6,000 with $1,000 for taxpayers over 50 years old making catch-up contributions.