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
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.