- Charitable Contributions Deduction Liberalized for 2021
- As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300 and another for those itemizing their deductions to increase the maximum deduction for cash contributions to 100% of their adjusted gross income (AGI).
- Video: How to Address Rising Tax Problems During COVID-19
- The pandemic has led to some tax implications that people have not considered. Be prepared for some possible additional tax burdens when tax time comes.
- Increased Business Meal Deductions for 2021 and 2022
- If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it did retain a deduction for business meals when the expense is ordinary and necessary for carrying on the trade or business and is not lavish or extravagant, along with some other requirements noted below.
- Video: Tax Advantages of Home Ownership
- Planning to buy your first home, upgrade from your existing one, or refinance your mortgage? Discover some tax advantages and drawbacks of homeownership.
- 2021 Standard Mileage Rates Announced
- The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical and moving purposes based on a number of factors, to determine the standard mileage rates for the following year.
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