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.
Our Blog
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 Robson22 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 Robson20 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 Robson15 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 Robson13 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 Robson08 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 Robson06 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 Robson01 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 Robson29 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 Robson24 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 Robson23 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 Robson23 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 Robson17 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 Robson16 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 Robson15 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 Robson10 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 Robson08 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 Robson04 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 Robson01 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 Robson30 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