- IRS Releases Inflation Adjustments for 2021
- To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year. Due to the relatively low rate of inflation from 2020 to 2021 (at least according to the calculation method prescribed by law for this purpose), several categories had no or only a slight change. The following is a summary of the most commonly encountered items for 2021.
- Is That Inheritance Taxable?
- Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries.
- Don't Miss the Opportunity for a Spousal IRA
- One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation.
- What Happens if I Missed the October 15th Tax Extension Deadline?
- If you filed for an extension this tax season, that extended deadline - October 15th - has now come and gone. Here's what happens if you missed it.
- How Do You Create Price Levels in QuickBooks?
- QuickBooks allows you to create Price Levels that you can assign to customers and jobs and to individual items.
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