Emmett A. Pais CPA PC

Consider starting a Roth IRA for your working children who are still in school. One benefit includes tax savings for their first-time home purchase. The contribution amount is limited to the annual earned income of the child.

The IRS announced that it will start automatically issuing refunds to qualifying taxpayers who received unemployment in 2020 and already filed their tax returns prior to American Rescue Plan Act. The IRS will start processing these refunds in May and will continue throughout the summer.

IRA contributions coincide with the individual tax return due date. 2020 contributions must be made by May 17, 2021.

We will be closed Saturday, April 3rd for Easter Saturday.

For 2020 and 2021, there is a special deduction for monetary donations to charity for up to $300 and $600 respectively, even if you claim the standard deduction.

Tax returns really look different this year. Some returns will be simpler, but most will not. A lot of changes for business owners, and less taxpayers will use Schedule A.