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Taxes

Home / Archives for Taxes

By: LSteinberg | August 11, 2021

Common questions about the advance child tax credit payments

The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here some details to help people better

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By: LSteinberg | July 14, 2021

New Child Tax Credit

To Our Valued Clients: With the recently enacted American Rescue Plan, there were changes made to the child tax credit that may benefit many taxpayers, most notably: The amount has increased for certain taxpayers The credit is fully refundable The credit may be partially received in

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By: LSteinberg | April 1, 2021

Business Deductions Update

The latest on allowable business deductions For tax years 2021 and 2022, business meals purchased from or consumed in a restaurant have a temporary deduction of 100% (the regulations call for a 50% deduction for business meals). The following chart provides a snapshot of allowable business

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By: LSteinberg | March 24, 2021

Like-Kind Exchange Of Property

With a properly constructed Section 1031 transaction, you sell your old property, buy the replacement property, and pay no taxes. The IRS Code Section 1.1031 states that no gain or loss is recognized if property held for productive use in a trade or business or for investment is exchanged solely for

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Tax Day for individuals is now May 17, 2021

By: LSteinberg | March 17, 2021

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

WASHINGTON — The Treasury Department and Internal Revenue Service announced 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. The IRS will be providing formal guidance in the coming days. “This continues to

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By: LSteinberg | July 17, 2020

IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law

WASHINGTON — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for

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What to do when you can't pay your taxes

By: LSteinberg | June 5, 2020

What to Do If You Can’t Pay Your Taxes?

We know the story: Things are tight financially, so you either don’t file your tax returns, or you file the returns but don’t pay the balance due. But don’t worry, you tell yourself, next year will be better and I will be able to catch up. Now it is 2-3 years later and a letter arrives from the IRS.

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Economic Impact Payments

By: LSteinberg | May 27, 2020

Economic Impact Payments being sent by prepaid debit cards; IRS.gov answers frequently asked questions

As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from “Money Network Cardholder Services.” Nearly 4 million people are being

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Economic Impact Payment

By: LSteinberg | May 20, 2020

Here’s why some people’s Economic Impact Payment is different than expected

As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. In addition, eligible individuals receive up to an

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Steinberg Enterprises, LLC

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Leonard Steinberg, EA, CMC
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West Windsor, NJ 08550

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