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Did you know….? Educators can deduct out-of-pocket expenses for COVID-19 protective items

Posted on February 20, 2021

  No need to do the homework on this new-for-2020 tax deduction! Teipen CPA Group says the IRS has approved tax deductions for COVID-19 protective items that eligible teachers had to purchase to protect themselves and their students. Rev. Proc. 2021-15, issued by the IRS early this month, provides guidance related to educator expenses under […]

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Was your 2020 income affected by job loss? Here’s how to determine if you can claim EITC

Posted on February 15, 2021

The earned income tax credit (EITC) was set up to give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax owed, but may give qualifying individuals a refund even if they don’t owe any taxes (or aren’t […]

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Will you have to payback unemployment benefits? Don’t miss this deadline.

Posted on February 8, 2021

It’s not a pleasant thought that you might have to pay back unemployment benefits if you received too much. How do you know what “too much’ looks like? Here’s what to do, according to the CPAs at Teipen CPA Group. New IRS requirements apply to the 3 to 4 million gig workers and independent contractors […]

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2021 tax filing season begins Friday, Feb. 12

Posted on February 2, 2021

And… the tax season is officially upon us. The IRS will be accepting and processing 2020 tax year returns as of February 12, 2021. That start date is a little later than last year’s to allow the IRS time to do additional programming and testing of IRS systems following late December Economic Impact Payments and […]

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Where is my Economic Impact Payment?

Posted on January 13, 2021

 It is very likely on it’s way, says the IRS. But if you need to know for sure, visit IRS.gov and use the Get My Payment tool for the most current information, say the CPAs at Teipen CPA Group. Because of IRS staff shortages and the sheer volume of people looking for information on the […]

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Reminder to employers: February 1 is the deadline for wage statements

Posted on January 13, 2021

  Teipen CPA Group reminds employers that they must file Form W-2 and other wage statements by Monday, Feb. 1, 2021, to avoid IRS penalties. A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with […]

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New standard mileage rates for 2021

Posted on January 8, 2021

The IRS issued 2021 optional standard mileage rates are used to calculate the tax-deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2021, the IRS standard mileage rates for automotive use (which includes vans, pickups or panel trucks) are as follows: 56 cents per mile driven for […]

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What to consider when filing in 2021

Posted on January 5, 2021

Teipen CPA Group encourages all taxpayers to make sure they take advantage of every new regulation and tax credit available to them in the weeks ahead of tax filing. Towards that end, there were several important tax regulations passed in 2020 involving credits, deductions and refunds, including: Recovery Rebate Credit/Economic Impact Payments – Taxpayers who […]

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New 2021 IRA eligibility changes and what they will mean for you

Posted on December 18, 2020

Teipen CPA Group has learned of 2021 IRS cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items. Here are the announced 2021 changes: The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), Roth IRAs, and the Saver’s Credit all increased for 2021. Taxpayers can still […]

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