So, you have today off. And, don’t give me any garbage that you are going to visit your family. Not happening. This is a pandemic.
Tag Archives: 1040
2021 (or is that 2020) surprises?
We talked earlier about how the IRS was changing some tax forms. And, if you pay attention to the nuances, you can see where the IRS is planning to clamp down on enforcement. Today, we’ll look at the new 1040 form- the one most citizens of the USA must file.
A small gift
So, it’s almost November. Which means we should be considering our 2020 tax positions.
Most of you know that it’s become nearly impossible to itemize deductions nowadays. Overall, the Tax Cut and Jobs Act (effective for 2018 forward) decimated the number of folks who itemize- from 31% of all returns down to 13.7%. But, you can see from the chart that it really has hurt those that are not the richest folks in America the most.
Decoration Day
I grew up hearing my grandfather call today “Decoration Day”. OK. Not today. Because before we decided to screw with our sacred holidays, it was always on the 30th of May. (That day would be Saturday this year.) Not the “If it’s Monday, we need a holiday” version we employ nowadays.
The Ides of March have come and gone
Again? Really?
Here we go again!
Another article in the Wall Street Journal that indicates it has stopped providing analysis and depth in news reporting. And, you can bet that a bunch of other papers will use the same basic facts that will mislead you. (Since I wrote that sentence, it has come true- I’ve added the “pack’s” comments below.)
Making a list- checking it twice…
So, you have today off.
And, I am presuming you are of sound mind and body, having NOT gone overboard with your celebrations last night.
Gig Workers/Self-Employed/Disregarded LLC
We have a slew of clients who are running a lifestyle business. They like to be known as solopreneurs, but with annual turnovers less than $ 50,000, creating a formal business enterprise is not in the cards- because the return on investment would be too low. (We do have a bunch who clearly want to have at least $ 50,000 BELOW the line- those clearly need more formal structures.)
The Ides of April!
OK. Today’s the day.
And, from my point of view. I’m so pleased that this is the first time in a long time, that the holiday of Pesach (Passover) did not interfere with my ability to serve my clients’ needs. That’s right- Pesach won’t be here until Friday, so I could spend this past Sunday to Friday analyzing my clients’ needs and helping them pay the lowest amount of taxes required by law.
From here to there
I know you’ve grown tired of me reminding you that you need to log your business mileage to get the benefit of deducting the costs of your car. Unless your car use is like mine, this really is a necessity.