Category: Taxes for Individuals

Business Tax Planning

New legislation in Illinois, which targets the unpopular SALT cap, now allows pass-through entities to pay an elective tax on income earned or received in the state.

The Treasury Department and Internal Revenue Service announced on March 17, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

Tax plan

While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer’s retirement savings program. Fully funding Health Savings Accounts […]

According to IRS Commissioner Rettig, the agency remains very active in increasing tax compliance in emerging areas such as virtual currency.