IRS Releases 2021 Standard Mileage Rates
The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for...
A New, Necessary Tax Document: IRS Notice 1444 – Your Economic Impact Payment Statement
As we quickly approach the beginning of the 2020 tax season, we wanted to make our clients aware that this year we also will need your IRS Notice 1444, the statement of your Economic Income Payment. This notice provides information about the amount of your payment,...
CARES Act Eases Rules for IRA and 401(k) Withdrawals
Michelle Singletary from the Washington Post reminds readers that withdrawing money from IRAs and 401(k)s under the CARES Act comes with COVID-related stipulations. Please review her list of pre-qualifications before making any withdrawals.
Reminder: Social Security Benefits May Be Taxable
Up to 50% or more of a taxpayer’s Social Security benefits may be taxable, depending on annual income. If you’d like to find out more about the details of the taxable portion of your benefits, please see this IRS brief. Please know N&Co always takes these formulas...