With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are making noise in preparation for another fun-filled year…

It’s hard to believe a little over a year ago the COVID 19 pandemic hit everyone. As things slowly turn back to normal, you need to be ready for the normalizing of the tax rules…

While many businesses struggled through the pandemic, none more so than the restaurant industry. In an effort to aid these businesses, the Consolidated Appropriations Act introduced a 100% business meal deduction, formerly 50%. However, many…

Each year standard mileage rates for business travel, medical driving, moving mileage and mileage rates for charitable driving are set by the IRS. Current Mileage Rates Mileage Type 2020 2021 Business miles 57.5¢ per mile…

Thanks to recent legislation, the whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what…

NJ & PA personal returns now due May 17 Last week, the IRS and U.S. Treasury extended the federal income tax filing and 2020 payment deadline for individuals from April 15 to May 17. As…

A surprise tax break for 2020 was passed into law in March’s American Rescue Plan Act. It may impact your situation if you received unemployment income this past year. Background on Pandemic Related Unemployment Unemployment…

The latest COVID-19 relief bill introduced another round of stimulus checks. However, this time with different restrictions. The IRS has already started sending stimulus money into the bank accounts of the recipients. Alloy Silverstein answers…