Latest News Archives - Checked & Balanced, Inc.

12 01, 2021

IRS Issues Standard Mileage Rates for 2021

2021-01-12T03:09:13+00:00

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 on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020 16 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and 14 cents per mile driven in service [...]

IRS Issues Standard Mileage Rates for 20212021-01-12T03:09:13+00:00

17 03, 2020

Tax Appointments & #COVID-19

2020-03-23T02:20:59+00:00

SO it is official tax season’s deadline has been extended to July 15th 2020, however please confirm with your states to see if they are also going along with the new deadline. This is for 1040 (personal) taxes only the C corporations and time to make IRA’s was not specified so more to follow. This is truly a time to set back and breathe, officials are reminding all of us to stay away from postings on Facebook and twitter unless you know it’s from an official site there are so much panic and misinformation being spread. We need to have faith in our government to [...]

Tax Appointments & #COVID-192020-03-23T02:20:59+00:00

2 12, 2019

2020 IRA and Pension Plan Limitations

2019-12-02T03:46:27+00:00

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 defined contribution plan maximum remains at $57,000 ($56,000 for 2019). The annual compensation limit for most employer contributions is $285,000 ($280,000 for 2019). The Retirement Savers Credit is completely phased out at: MFJ = $65,000, HH = 48,750, and all others = $32,500 (up from $64,000, $48,000, and $32,000 respectively for 2019). A year of service for SEP coverage remains at $600. The maximum elective deferral for §401(k), §403(b), §457, and SARSEPs is [...]

2020 IRA and Pension Plan Limitations2019-12-02T03:46:27+00:00

3 06, 2019

Year-End Tax Planning to Reduce Tax Liability

2020-07-27T21:33:49+00:00

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 of single for 2019, your tax rate will go up. Thus, accelerating income into 2018 and pushing deductions into 2019 may also yield tax savings. Retirement Plans Considerations. Fully funding your company 401(k) with pre-tax dollars will reduce your current year taxes, as well as increase your retirement nest egg. For 2018, the maximum 401(k) contribution you can make with pre-tax earnings is $18,500. For taxpayers 50 or older, that amount increases to $24,500. [...]

Year-End Tax Planning to Reduce Tax Liability2020-07-27T21:33:49+00:00

30 01, 2019

What do I need to bring to my tax appointment?

2019-01-30T23:04:19+00:00

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 not allowable, they still left professional tax preparers and the American public hanging in the wind. Lets face it the simple tax returns are just that, no changes and you can file them out fine. Whereas the slightly to more complicated tax returns now have 6 more pages and a lot more questions for review. While the excitement for small business credits on 199A (QBI) is there but of course this is one [...]

What do I need to bring to my tax appointment?2019-01-30T23:04:19+00:00

8 01, 2019

Government Shutdown & Your Tax Returns

2019-01-08T19:55:18+00:00

Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig. Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the [...]

Government Shutdown & Your Tax Returns2019-01-08T19:55:18+00:00