GNA Financial Services, LLC

President’s Biden’s Business Tax Proposals. Increase the corporate tax rate from 21% to 28% Create a new 15% minimum tax on the global book income of large corporations Increase the IRS budget to effectively enforce the tax laws against corporations who have at their disposal . . . an army of high-paid tax advisors and accountants who help them avoid or evade tax liabilities Eliminate tax preferences for fossil fuels and make sure polluting industries pay for enviro...nmental clean up Strengthen the global minimum tax on U.S. multinational corporations o Increase the GILTI tax rate from 10.5% to 21% o Calculate GILTI on a country-by-country basis to ensure the taxation of profits in tax-haven countries o Eliminate the 10% deduction from the GILTI tax (i.e., the net Deemed Tangible Income Return (DRIT) deduction) Repeal the Foreign-Derived Intangible Income (FDII) deduction which gave corporations a tax break for shifting assets abroad and is ineffective at encouraging corporations to invest in R&D Create rules to make it harder for U.S. companies to acquire or merge with a foreign company to avoid U.S. tax (i.e., anti-inversion rules) Deny deductions to foreign corporations on payments that could allow them to strip profits out of the United States if they are based in a country that does not adopt a strong minimum tax Deny expense deductions related to the offshoring of American jobs, and credit expenses for onshoring See more

The New Jersey Division of Taxation has advised taxpayers that all unemployment compensation is income for purposes of the senior freeze program, regardless of whether an exclusion for the income is provided for federal income tax purposes. The Senior Freeze Program reimburses eligible senior citizens and disabled persons for property tax or mobile home park site fee increases on their principal residence (main home). To qualify, you must meet all the eligibility requirements for each year from the base year through the application year; including an income limit whereby your total annual income (combined if you were married or in a civil union and lived in the same home) was $92,969 or less for tax year 2020.

IRS is extending the tax filing deadline to May 17 but the States have not so far. What does that mean you say? Unless your State changes its filing deadline to May 17, you still have to file by April 15! To get your taxes done please contact me at 201-982-6930 or [email protected]. GNA FInancial Services:... "Where it All Adds Up!!!!!" See more

Governor Murphy, Treasurer Muoio and legislative leaders have announced that the state income tax filing and payment due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021 to mirror actions taken by the IRS; But there is no extension for the first quarter estimated payment which is due on April 15, 2021.

2020 Unemployment Benefits Tax Change - Up to $10,200 of unemployment benefits received in 2020 is exempt from federal income tax for households with an adjusted gross income under $150,000. If you're married, you and your spouse can each exclude up to $10,200 of unemployment compensation. Normally, Uncle Sam fully taxes unemployment compensation (just like wages), so this is a big break for many people who lost their job last year and were facing a big and possibly unexpec...ted federal tax bill on the tax returns their filing this year. How to handle the new tax break will also depend on whether or not you already filed your 2020 tax return. If you haven't filed yet, the IRS has updated the Schedule 1 (Form 1040) instructions and provided an Unemployment Compensation Exclusion Worksheet for paper filers. It's a little more complicated if you already filed your 2020 tax return. the IRS expressly stated that you "should not file an amended return at this time, until the IRS issues additional guidance." So, again, you should wait before taking any action to claim the new $10,200 tax break for unemployment benefit. The additional guidance could just be special instructions related to the filing of an amended return or the IRS may automatically adjust the reported taxable income and issue refunds to people who already filed their 2020 tax return.

On March 17, 2021, the IRS announced in a press release that it would extend the filing deadline for individual tax returns (i.e., Forms 1040) from April 15, 2021, to May 17, 2021. This is a postponement of the tax filing and tax payment deadlines for individual tax returns, regardless of the amount owed. It applies to all individuals, including individuals who pay self-employment tax. This postponement does not apply to the following: Individual estimated tax payments for 20...21, which are due April 15, 2021 Corporate tax returns on Forms 1120 Trust tax returns on Forms 1041 State tax returns See more