Yes, I am still doing taxes! I am unable to come to New York to meet you this year due to a new job. I am hoping to start making those yearly trips starting next year. But, please continue to scan or take pictures all of your tax documents and email me, or mail them to my address at:
357 Alpine Drive South
Winter Haven, Florida 33881
Here are some last minutes tax law changes. Joe Biden and the Congress could still make more last minutes changes to the tax laws. Contact me if you have any questions or concerns on any of the last minute tax law changes.
Many of you collected unemployment insurance. You have to download the 1099 G from your state’s unemployment website. They do not mail them.
Taxpayers can now qualify for a deduction of charitable monetary contributions up to $300 ($600 for joint filers) for 2021, even if you don’t itemize your deductions. For 2020, it’s $150 for single filing ($300 for joint filers).
The 7.5% threshold for claiming the medical expense deduction was set to increase to 10% of a recipient’s adjusted gross income for 2021, but the new legislation permanently lowers the threshold to 7.5%, giving Americans a break on the deductibility of out-of-pocket medical expenses.
For better or for worse, the “three martini lunch” is back—you can now get a 100% deduction for business-meal and beverage expenses in 2021 and 2022, a 50% bump from 2020. It applies to delivery and carryout meals, as well as those in restaurants.
Have a wonderful new year full of good health and prosperity.