IRS Issues Tips for a Smooth Filing Season
The IRS released several tips aimed at ensuring taxpayers experience a smooth filing season. With the IRS dealing with unprecedented processing delays brought on by the pandemic, it’s more important than ever to do what you can to file a timely and accurate return.
Individual Tax Filing Season Begins January 24
April 18 is both the federal and Pennsylvania deadline to file your 2021 income tax returns or a timely filed extension request. (Tax Day is normally April 15, but is extended in 2022 because Washington D.C. will celebrate Emancipation Day on that date.)
Penalties for Missing the 1099-NEC or 1099-MISC Deadline
Businesses need to report payments to independent contractors and non-incorporated businesses on Form 1099-NEC if those payments totaled $600 or more during 2021. These payments may represent fees, commissions, prizes, awards, or other forms of compensation for services performed for your business.
2021 Tax Year in Review
After another rollercoaster of a year, now is a good time to consider the tax changes affecting 2021. The most significant changes for individuals came from American Rescue Plan Act enacted in March 2021 and the Consolidated Appropriations Act that was passed in December 2020.
6 Year-End Tax Strategies to Reduce Your 2021 Tax Bill
With just a few weeks remaining in 2021, time is running out on these year-end tax planning strategies.