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2020 Tax Filing begins February 12th

The 2021 tax season will start on Friday, Feb. 12, 2021, when the IRS will begin accepting and processing 2020 tax year returns. The Feb. 12 start date for individual tax return [...]

IRS Issues Standard Mileage Rates for 2021

WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning [...]

2020 IRA and Pension Plan Limitations

The 2020 IRA and pension plan limitations have been announced. Below are some of the more common amounts for 2020. The defined benefit plan limitation remains at $230,000 ($225,000 for 2019). The [...]

Year End Tax Planning

Life Events: Life events can significantly impact your taxes. For example, if you are using head of household or surviving spouse filing status for 2018, but will change to a filing tax status [...]

Personal Tax Credits

At Checked & Balanced Inc., we assist you in maximizing your personal tax deductions. There are two types of tax credits: A nonrefundable tax credit means you get a refund only [...]

Home Office Deduction by Small Business

IRS: Home Office Deduction Often Overlooked by Small Business Owners The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming [...]

Understanding S Corporations

According to IRS statistics, about six million corporation returns are filed every year Of those returns about 70 percent of these are Forms 1120S, showing that an S corporation is the preferred [...]

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