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We help you get your taxes done right, save you time, and explain your unique situation.
Feel confident that your taxes are done right.
Here are the itemized deductions limits on the Schedule A:
Most deductions are available only if you itemized, however here are some deductions that are still available if you take the standard deduction (Above-The-Line Deduction):
We help you get your taxes done right, save you time, and explain your unique situation. Feel confident that your taxes are done right.
These are some additional tax credits and deductions for 2021 tax year:
Foreign Earned Income Exclusion.
The foreign earned income exclusion amount for the 2021 tax year is $108,700.
Section 199A deduction/Pass-through Deduction
Sole proprietors and owners of pass-through businesses are eligible for a deduction of up to 20% to bring the tax rate lower for Qualified Business Income (QBI). This deduction is subject to threshold and phase-in amounts.
Federal Estate Tax Exemption
An Estate Tax is levied by the government on estates when a person dies, and assets are passed on to heirs. Generally, if the value of the decedent’s estate is less than $11.7 Million in 2021, the estate is NOT subject to estate tax (Estate Tax Exempt). The estate tax exempted amount is adjusted each year for inflation and only affects a small percentage of Americans.
Gift Tax Exclusion & Gifts to Foreign Spouse
The annual exclusion for federal gift tax purposes for 2021 is $15,000 per person. The exclusion amount for gifts to a spouse who is not a United States citizen is $159,000.
Revocation or Denial of Passport Due to Significant Tax Debt
Yes, under the Fixing America’s Surface Transportation Act (FAST), the IRA can notify the state department of a taxpayer’s serious tax delinquency – for 2021 $52,000 or more. The state department is then required to deny or revoke the taxpayer’s passport.
We help you get your taxes done right, save you time, and explain your unique situation. Feel confident that your taxes are done right.
Small Business Owners! Here are the six rules to determine if your business can deduct expenses.