Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

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Posts about Taxes

23 July 2021

August 2021 Due Dates

Here are the tax due dates for individuals and businesses for August 2021.

David M Robson

Small Business, Taxes

22 July 2021

35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season

The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s is far greater than in previous years.

David M Robson

Small Business, Taxes

20 July 2021

IRS Extends COVID-19 Relief Leave Donations

The IRS recently extended leave donations through 2021. Check with your employer to see if they are participating and for more details. It is an opportunity for you to make donations without costing you out of pocket cash.

David M Robson

Small Business, Taxes

15 July 2021

Contemplating Refinancing Your Home Mortgage? Things You Should Consider

With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when your friends, relatives, and coworkers are bragging about the low interest rates they got with their refinance. This is because a number of issues must be considered when refinancing.

David M Robson

Small Business, Taxes

13 July 2021

Tax Rules for Home Flippers

With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular reality TV shows. House flipping is, essentially, purchasing a house or property, improving it and then selling it (presumably for a profit)

David M Robson

Small Business, Taxes

08 July 2021

Back-Door Roth IRAs

Many people saving for retirement tend to prefer Roth IRA's because the accumulated earnings and retirement distributions are tax free, but not everyone is able to make Roth contributions.

David M Robson

Small Business, Taxes

06 July 2021

Day Care Providers Enjoy Special Tax Benefits

A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and the cost of providing meals and snacks to children in their care.

David M Robson

Small Business, Taxes

01 July 2021

Sole Proprietorships – Don’t Overlook the Liability Issues

If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s personal tax return (Form 1040) using a Schedule C.

David M Robson

Small Business, Taxes

29 June 2021

The Treasury Green Book of Biden Proposed Tax Changes

The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these are proposals and will have to be passed by Congress. The Green Book proposals include both domestic and international taxes.

David M Robson

Small Business, Taxes

24 June 2021

Did You Get a Letter from the IRS? Don’t Panic.

Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does most of its auditing through correspondence, an IRS letter can likely increase your heart rate and, in some cases, ruin your day.

David M Robson

Small Business, Taxes

23 June 2021

Restaurants and Businesses Benefit from Temporary Tax Break

Congress has provided businesses with a temporary tax break as a means of helping the restaurant industry, which has been devastated by the COVID pandemic.

David M Robson

Small Business, Taxes

23 June 2021

Relocating? How to Do It with Taxes in Mind

It seems clear that people are not staying put the way that they used to, and many are basing their decisions about where to go on tax considerations.

David M Robson

Small Business, Taxes

17 June 2021

IRS Unveils Online Tool to Register for Monthly Child Tax Credit Payments

Congress has made substantial changes to the child tax credit (CTC) for 2021. Who needs to take action to take this?

David M Robson

Small Business, Taxes

16 June 2021

The IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19

Since April 2020, the IRS halted its systemic and automated lien and levy programs for pandemic relief, but the agency is now planning to continue its normal collection casework processes.

David M Robson

Small Business, Taxes

15 June 2021

Tax Deductions Related to Charity Auctions

It is common practice for charities to hold auction events where attendees will bid upon and purchase items.

David M Robson

Small Business, Taxes

10 June 2021

2021 - the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers

An overview of the several tax benefits that were included in the American Rescue Plan Act recently passed by Congress that will impact families with children and lower-income taxpayers during 2021. These include increased child care benefits plus an increased child tax credit, including advanced monthly payments for some.

David M Robson

Small Business, Taxes

08 June 2021

Haven’t Received Your Tax Refund Yet?

In normal times, unless there is an error, the IRS will issue most refunds in less than 21 calendar days. However, 2021 is far from being a normal year for a number of reasons.

David M Robson

Small Business, Taxes

04 June 2021

Tax Issues Related to Renting Your Vacation Home

If you own vacation property you may have considered renting it to offset some of the expenses. There are pros and cons from a tax standpoint.

David M Robson

Small Business, Taxes

01 June 2021

Taxes and Divorce

If you are recently divorced or are contemplating divorce, you will have to deal with or plan for significant tax issues such as asset division, alimony, and tax-return filing status. If you have children, additional issues include child support; claiming of the children as dependents; the child, child care, and education tax credits; and perhaps even the earned income tax credit (EITC).

David M Robson

Small Business, Taxes

30 May 2021

June 2021 Due Dates

There are a number of due dates in June that people should be aware of to avoid any future issues.

David M Robson

Small Business, Taxes

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