The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. These adjustments include:
Biden's tax policy includes numerous changes that could impact individual taxpayers' tax bills, particularly those with higher incomes. Read more on the proposal for personal taxes.
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Planning for current and future education expenses is especially important. Several tax incentives can help reduce the cost of paying for higher education. These incentives include the American Opportunity Tax Credit, Lifetime Learning Credit, Qualified Tuition Programs, Student Loan Interest Deduction, 529 Plans, and the Coverdell Education Savings Account. The incentives can be a credit deduction or exclusion and may be limited by income.
The more you pay in taxes, the less money you have to invest in your personal financial goals. The key to reducing your tax liability rests in proactive planning. We can identify and implement key planning opportunities to minimize your current tax liability. Reach out to our experienced tax professionals who can look at your overall tax situation and help you understand and reduce your tax impact.
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Being delinquent in your tax payments can result in a vast array of problems and cause substantial amounts of undue stress. Our qualified professionals can work with you in dealing with the IRS and other taxing authorities on delinquent tax liability, tax penalty, and interest issues, as well as challenges in your ability to pay the amount due. Offer in Compromise (OIC), bankruptcy, and negotiated payment schedules are a few of the strategies we can utilize in helping you deal with delinquent and disputed tax issues.
Learn how the latest COVID-19 economic relief bill affects businesses and individuals with this downloadable PDF!
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