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Tax Tips for June 2021

Tax Tips for June 2021

by | Jun 29, 2021 | ,

Click on the links below to jump to each section in this article: How to Check the Status of Your Tax Refund Payment for Refundable Child Tax Credit Starts July 15 HSA Limits Increase for 2022 What is an Economic Impact Notice? Tips for Students with a Summer Job   How to Check the Status of Your Tax Refund   Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the Where's My Refund? Tool on the IRS website. The tool also provides a personalized refund date after the return is processed and a refund is approved. There are two ways to access the Where's My Refund? Tool - visiting IRS.gov or downloading the IRS2Go app. To use the tool, taxpayers will need the following...

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What are Estimated Tax Payments?

What are Estimated Tax Payments?

by | Jun 25, 2021 |

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Here's what you should know about estimated tax payments: Filing and Paying Estimated Taxes Both individuals and business owners may need to file and pay estimated taxes, which are paid quarterly. The first estimated tax payment of the year is ordinarily due on the same day as your federal tax return is due. In 2021, however, the first estimated tax payment was due on April 15, but tax returns were not due until May 17. If...

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Integra International Audit & Accounting Alert – June 2021 (Issue 5)

by | Jun 23, 2021 |

The rapidly expanding scope and accessibility of technological advances in all aspects of society continue to spread pervasively. The accounting profession is no exception to the trend. A new report from the International Federation of Accountants (IFAC) and Chartered Professional Accountants of Canada (CPA Canada) explores how the profession is favorably situated to serve in this dynamic arena, provided that essential technical skills keep pace. This issue highlights the report, along with guidance from the AICPA aimed at accounting and auditing of digital assets.

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Expat Compliance With US Tax Filing Obligations

Expat Compliance With US Tax Filing Obligations

by | Jun 22, 2021 |

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you're an expat who has relinquished - or intends to relinquish - your U.S. citizenship but still has U.S. tax filing obligations (including owing back taxes), you'll be relieved to know there are IRS procedures in place that allow you to come into compliance and receive relief for any back taxes owed. Let's take a look: Background Intended for anyone who has relinquished or intends to relinquish their United States (U.S.) citizenship, the Relief Procedures for Certain Former Citizens apply to taxpayers who want to come into compliance with their U.S. income tax and reporting obligations and avoid being taxed as a...

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Tips to Help You Figure Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

by | Jun 15, 2021 |

If you've given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. In 2021, you can give any amount up to $15,000 per person per year with no gift tax liability. However, gifts exceeding that amount are counted against a gift tax exemption of $11,700,000 and are subject to gift tax. At your death, these gifts could become your taxable estate (with credit for gift tax paid). Education-related Gifts Many grandparents and parents contribute to the cost of their child or grandchild attending...

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Tax Considerations When Selling Your Small Business

Tax Considerations When Selling Your Small Business

by | Jun 1, 2021 |

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you're thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine how much your business is worth (and what the listing price might be) and develop a tax planning strategy to minimize capital gains and other taxes to maximize your profits from the sale. Accurate Financial Statements The importance of preparing your business financials before listing your business for sale cannot be overstated. Whether you use a business broker or word of mouth, rest assured that potential buyers will scrutinize every aspect of your...

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Tax Tips for May 2021

Tax Tips for May 2021

by | May 25, 2021 | ,

Click on the links below to jump to each section in this article: File on Time - Even if You Can't Pay Common Errors To Avoid When Filing a Tax Return Refunds for Nontaxable Unemployment Compensation Recovery Rebate Credit May Be Different Than Expected Deductions for Food or Beverages From Restaurants   File on Time - Even if You Can't Pay Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can't, there are several options. Let's take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can't pay in full by the deadline. If this is the case, file a tax return or request an extension of time to file by the May 17 deadline. If tax is owed and a return is not filed on time - or an extension is not...

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Deducting Business-Related Car Expenses

Deducting Business-Related Car Expenses

by | May 20, 2021 |

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car for business use. You are allowed to deduct the business-related portion of costs related to gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments). Standard Mileage Rate. To use the standard mileage deduction, multiply 56 cents (in 2021) by the number of business miles traveled during the year. Deduct car expenses such as parking fees and tolls attributable to business use separately no matter which method you choose. Which Method Is Better For some taxpayers, using the...

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Avoiding Tax Surprises When Retiring Overseas

Avoiding Tax Surprises When Retiring Overseas

by | May 18, 2021 |

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving the United States does not exempt U.S. citizens from their U.S. tax obligations. While some retirees may not owe any U.S. income tax while living abroad, they must still file a return annually with the IRS even if they transferred all of their assets to a foreign country. The bottom line is that you may still be taxed on income regardless of where it is earned. Unlike most countries, the United States taxes individuals based on citizenship and not residency. As such, every U.S....

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