MMB Tax Consulting

It's tax time again! Are you ready?

Great News! Thanks to the Cares Act there is a new deduction available: You can deduct up to $300 per taxpayer ($600 for a married couple) in annual charitable CASH contributions to any public charity. Note: your donation must be CASH and you must have a receipt from the charity you donated to.... This is available only to people who take the standard deduction (for taxpayers who do not itemize their deductions). Take advantage of this opportunity and donate to your favorite charity by December 31st 2020!

Wow! What a year 2020 has been! Can you believe its almost time to file taxes again?! Reminder for those of you trying to reduce your tax liability:... Now is the time to contribute up to $6,000 ($7,000 if you're age 50 or older) to your traditional and Roth IRAs. Excess contributions are taxed at 6% per year for each year the excess amounts remain in the IRA. Avoid going over the cap when possible.

The deadline is July 15th! Don't wait until the last minute. Call now to make an appointment.

It's true! The stimulus checks ARE like "free money!" I totally misunderstood this originally because I couldn't believe it. That's right, if you get a stimulus check you will NOT have to repay it. You just won't get that credit when you file your 2020 taxes. In otherwards it's considered an "advanced credit." Those who qualify and do not receive the stimulus checks before they file their 2020 taxes may claim the credit then. ... If you receive disability or social security benefits and don't normally file a tax return that's ok. The stimulus checks are said to be deposited into those accounts. In other words you do not have to file a tax return in order to get your stimulus check if you receive disability or social security benefits.

The first set of stimulus checks are scheduled to be sent out starting April 13th. Rules and regulations are changing rapidly. It seems as though every night the IRS comes out with something new. For the most recent updates you can follow the IRS or NATP (National Association of Tax Professionals).