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 from Nov-19

08 October 2021

Mega-Rich Backdoor IRA Strategies May Backfire If New Tax Bill Passes

a proposed tax code will prove a remarkable exception if the House has its way. The legislation would mandate an annual required minimum distribution for retirement accounts exceeding $10 million and is aimed at accounts used as tax shelters by the rich rather than at the low-and middle-income savers who the tax-advantaged nest eggs were originally created to help.

David M Robson

Personal Finance

07 October 2021

Education Credits are for Children? Think Again!

There are two education-related credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). For either credit, the student must be enrolled in an eligible educational institution for at least one academic period (semester, trimester, or quarter) during the year.

David M Robson

Personal Finance

05 October 2021

Required Minimum Distributions Have Resumed for 2021

RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s, SEP IRAs and other qualified retirement plans. The tax code does not allow taxpayers to keep funds in their qualified retirement plans indefinitely. Eventually, assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions, or if the distributions are not large enough, he or she may have to pay a 50% penalty on the amount that is not distributed.

David M Robson

Personal Finance

01 October 2021

How Understanding the ‘Rule of 72’ Helps You Make Personal Finance Decisions

The Rule of 72 is a helpful, easy-to-understand formula that predicts how many years it takes money to double based on a specific rate of return. You can use it to make decisions about where to put your money based on how much time you have for it to grow and what your risk tolerance is

David M Robson

Personal Finance

30 September 2021

Fall Tax Planning May Be Wise

Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s tax proposals loom.

David M Robson

Personal Finance

27 September 2021

The Obscure Research Credit

The purpose of the credit is an inducement and reward to get U.S. companies to increase their investment in research and development for new, improved, or technologically advanced products or trade processes, thus keeping the U.S. competitive with the rest of the world. Other applications of the credit may include improvement upon the functionality, reliability, performance, or quality of existing products or trade processes.

David M Robson

Personal Finance

24 September 2021

The IRS Backlog Is Causing Taxpayer Heartburn

the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating and workers from going to their offices. And in most instances, IRS employees could not work from home because of the secure nature of their tasks and the IRS’s computer system.

David M Robson

Personal Finance

23 September 2021

October 2021 Due Dates

The October 15th extension due date isn't the only thing to remember.

David M Robson

Personal Finance

23 September 2021

Here’s What Happened in the World of Small Business in September 2021

Here are five things that happened this past month that affect your small business.

David M Robson

Personal Finance

21 September 2021

As the Pandemic Continues, Managing Restaurant Cash Flow Becomes Critical

Cash flow has always been a challenge for restaurants, and before COVID-19 changed everything there were thousands of articles written about the importance of forecasting, streamlining overhead, and controlling inventory. But more than a year-and-a-half into the pandemic, more than 110,000 restaurants have closed their doors permanently.

David M Robson

Personal Finance