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

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

Personal Finance, 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

Personal Finance, Taxes

27 May 2021

Recordkeeping Tips to Keep the IRS Away

With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls.

David M Robson

Personal Finance, Taxes

25 May 2021

Did You File Before Congress Passed the Unemployment Tax Exclusion? Here is How the IRS is Handling the Situation

Normally, unemployment insurance benefits are fully taxable for federal purposes. However, earlier this year, about the middle of the tax filing season, Congress, as part of the American Rescue Plan Act, decided that each individual who received unemployment benefits could exclude the first $10,200 of those benefits from taxation if their modified AGI was less than $150,000.

David M Robson

Personal Finance, Taxes

20 May 2021

Don’t Lose Your Passport Because of Unpaid Federal Debt

The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of notifying the State Department of taxpayers’ unpaid federal debts.

David M Robson

Personal Finance, Taxes

18 May 2021

Made a Mistake on Your Tax Return - What Happens Now?

Tax return mistakes are more common than you think, but don't panic there are steps you can take before anything painful happens.

David M Robson

Personal Finance, Taxes

14 May 2021

Are You at Risk for A Trust Fund Penalty?

The Treasury Inspector General for Tax Administration has made recommendations to the IRS for timely assessing and collecting the responsible person penalty, and the IRS is adopting the recommendations. The government has always been very aggressive about collecting trust fund penalties and will pursue collecting the penalty from the “responsible person.” This is where you may be at risk.

David M Robson

Personal Finance, Taxes

13 May 2021

Unpaid Debt Taking Your Tax Refund?

We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts.

David M Robson

Personal Finance, Taxes

06 May 2021

How Biden’s Proposed American Families Plan Might Affect You

Although the plan is just a wish list and will require Congressional action to become law, it could be helpful to understand what could happen. Assuming history repeats there may be parts that survive, but most likely not the entire plan.

David M Robson

Personal Finance, Taxes

04 May 2021

Consequences of Filing Married Separately

Generally, filing MFJ will produce the better tax result. However, other factors – usually personal or financial rather than tax-related – can come into play that cause taxpayers to choose to file MFS returns.

David M Robson

Personal Finance, Taxes

22 April 2021

Refund Statute Expiring: Don’t Miss Out!

If you have not yet filed your 2017 tax return and have a refund coming, time to claim that refund is running out! The IRS estimates that more than 1.35 million taxpayers have not filed their 2017 tax returns with approximately $1.3 billion of unclaimed refunds available for those taxpayers. If you fall in this category, you need to act quickly because the return must be filed by May 17, 2021 to claim a refund for 2017.

David M Robson

Personal Finance, Taxes

21 April 2021

Qualified Small Business (QSB) Stock Gain Exclusion: Who Can Take Advantage and How to Do It

Originally, selling stocks identified as having Qualified Small Business status was viewed as offering marginal benefit. But the last several years have seen incremental changes to how gains from the sales of these stocks have been treated. As of the most recent shift, which created a 100% exclusion with certain limitations, these stocks now offer significant opportunities for those who invest in startups and other small businesses.

David M Robson

Personal Finance, Taxes

21 April 2021

May 2021 Individual Due Dates

Keep these dates in mind for May 2021

David M Robson

Personal Finance, Taxes

20 April 2021

Owe Taxes and Can’t Pay by the Due Date?

The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late payments if you don’t

David M Robson

Personal Finance, Taxes

17 April 2021

The US Loses Out On $1 Trillion a Year Due to Tax Cheats, IRS Estimates

Congress is on the verge of making changes to help reduce the tax gap after a shocking statement by the IRS Commissioner.

David M Robson

Personal Finance, Taxes

09 April 2021

Don’t Overlook Foreign Account Reporting Requirements

Some of the largest penalties for failing to file a report with the Government are associated with reporting dealings with foreign financial institutions. U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at any time during the year. Although the official designation of the report is FinCEN 114, it is commonly referred to as the FBAR (foreign bank account report).

David M Robson

Personal Finance, Taxes

09 April 2021

Writing Off Your Business Start-Up Expenses

New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation. These type of expenses not deductible in the first year of the business must be amortized over 15 years. If a taxpayer who incurred start-up expenses does not make the election, the start-up costs must be capitalized, meaning that the expenses can only be recovered upon the termination or disposition of the business.

David M Robson

Personal Finance, Taxes

07 April 2021

Tax Filing Deadlines Are Rapidly Approaching

Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021 is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you estimate to be due for 2020.

David M Robson

Personal Finance, Taxes

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