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(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.PDF DOWNLOAD
2021 Tax Considerations are categorized as follows. Click any of the line below to jump to the section you like to read.
- Individual Income Tax Provisions
- Trust and Estate Income Tax
- Estate, Gift and Generation-Skipping Transfer Taxes
- Pension and IRA Provisions
- Business Provisions
- Sole Proprietorships, S Corporations & Partnerships Tax Changes
- American Rescue Plan Act of 2021
- Illinois Makes Changes in 2021 Affecting Various Taxes
- Things to Consider Before the End of 2021
- 2021 Tax Rate Schedule
- 2022 Tax Rate Schedule
(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.
(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.
(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.
(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.