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2021 Tax Considerations

(Date posted: November 4, 2021)

Click this button to open a pdf version of 2021 Tax Considerations, if you would like to print and read.

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2021 Tax Considerations are categorized as follows. Click any of the line below to jump to the section you like to read.

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Businesses: Prepare for the lower 1099-K filing threshold

(Date posted: May 19, 2022)

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in certain industries may receive more of these forms and some people may even get them based on personal transactions.

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IRA charitable donations: An alternative to taxable required distributions

(Date posted: May 18, 2022)

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA.

When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will have to be paid. State income taxes may also be owed.

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Inflation enhances the 2023 amounts for Health Savings Accounts

(Date posted: May 12, 2022)

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

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Caring for an elderly relative? You may be eligible for tax breaks

(Date posted: May 10, 2022)

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them.

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