Latest News & Information
Find articles and information below from Checked & Balanced Inc. Use our search function or browse by category.
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 [...]
What Tax Credits to Claim & What Deductions to Take
When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can [...]
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 to Reduce Tax Liability
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 [...]
What do I need to bring to my tax appointment?
Well tax season has begun and its off to a very rocky start. While the powers that be have voted and passed the new tax season updates with what is allowable and [...]
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 [...]
New Tax Rules for 2018 – Individuals
A centerpiece of last year's legislation is the reduction in income tax rates. While the new law keeps the same number of tax brackets for individuals as there were in 2017, many [...]
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 [...]
2018 Tax Reform – What does it mean?
Below are some highlight of the new tax reform and how it may impact you. Changes have been made to both individual and corporate tax rates, these are set to expire by [...]
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 [...]
