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UPDATES&INSIGHTS: TAX – April 2021

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Be Prepared for Taxes on Social Security Benefits

No one likes a surprise when filing a tax return. Many older people are caught off-guard by getting taxed on their Social Security benefits. This article explains how to calculate provisional income to determine whether your Social Security income is indeed subject to taxation. Read More

Considering a Roth IRA Conversion

Future retirees have long grappled with whether to opt for a traditional or Roth IRA. Those who have a traditional IRA and have seen a decline in the value of their investments may want to consider a conversion to a Roth. This article reviews how the accounts and the strategy in question. Read More

Worker Classification Is Still Important

If a business engages independent contractors to address staffing needs, it needs to be careful workers are properly classified for federal tax purposes. This article reviews the general rules for distinguishing an independent contractor from an employee. Read More

How the CAA Affects Education Funding

The Consolidated Appropriations Act, signed into law late last year, contains a multitude of provisions that may affect individuals. This article discusses how the law affects college education funding; specifically, student loans and tax credits. Read More

Business Meal Deduction Change for 2021 – 2022

The tax bill passed in December 2020 allows business meals and beverages provided by a restaurant to be 100% deductible for a two-year period, January 2021 through December 2022.  The IRS has provided further guidance. Read More

Tax Calendar

This calendar notes important tax deadlines for the second quarter of 2021. Read More