/
Tax Tips Newsletter From CPA Serving Plano, McKinney, Allen And Frisco Texas Tax Tips Newsletter From CPA Serving Plano, McKinney, Allen And Frisco Texas

Tax Tips Newsletter From CPA Serving Plano, McKinney, Allen And Frisco Texas - PDF document

cpaplanotx
cpaplanotx . @cpaplanotx
Follow
353 views
Uploaded On 2021-02-27

Tax Tips Newsletter From CPA Serving Plano, McKinney, Allen And Frisco Texas - PPT Presentation

John Harman CPA PLLC located at 1402 S Custer Rd S102 McKinney TX 75070 4697420283 serves Collin County Texas Allen Fairview Frisco McKinney Plano Prosper Celina with tax preparation and financial planning services This PDF is the February 2021 tax tips newsletter from the firms ID: 831629

CPA Plano TX CPA Frisco TX CPA Allen TX tax preparation Plano Texas tax preparation Frisco Texas tax preparation Al

Share:

Link:

Embed:

Download Presentation from below link

Download Pdf The PPT/PDF document "Tax Tips Newsletter From CPA Serving Pla..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.


Presentation Transcript

&ZhZz ϮϬϮϭ Et^>ddZ CKEdEd t,/C, WWZ KE KhZ t^/d :ŽŚŶ ,ĂƌŵĂŶ͕ CW W>>C ϭϰϬϮ ^͘ CƵƐƚĞƌ ZĚ͕ ^ͲϭϬϮ DĐ<ŝŶŶĞLJ͕ dy ϳϱϬϳϬ ŝŶĨŽΛŵĐŬŝŶŶĞLJƚĂdž͘ĐŽŵ WŚŽŶĞ͗ ;ϰϲϵͿ ϳϰϮͲϬϮϴϯ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵĐŬŝŶŶĞLJƚĂdž͘ĐŽŵͬ zŽƵdƵďĞ ǀŝĚĞŽƐ ŚĞƌĞ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘LJŽƵƚƵďĞ͘ĐŽŵͬƵƐĞƌͬŵĐŬŝŶŶĞLJƚĂdž &ĂĐĞŬ ŚĞƌĞ͗ zŽƵdƵďĞ ǀŝĚĞŽƐ ŚĞƌĞ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘LJŽƵƚƵďĞ͘ĐŽŵͬƵƐĞƌͬŵĐŬŝŶŶĞLJƚĂdž )HDWXUH $UWLFOHV  dĂdž &ŝůŝŶŐ ^ĞĂƐŽŶ ^ƚĂƌƚƐ &ĞďƌƵĂƌLJ ϭϮ  tŚĂƚΖƐ EĞǁ ĨŽƌ ϮϬϮϬ dĂdž ZĞƚƵƌŶƐ  ŵƉůŽLJĞƌ dĂdž CƌĞĚŝƚ džƚĞŶĚĞĚ ĨŽƌ WĂLJƌŽůů tŽƌŬĞƌƐ  ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ ĞŶĞĨŝƚƐ ĂŶĚ dĂdžĞƐ͗ dŚĞ &ĂĐƚƐ  dĂdžĂďůĞ ǀƐ͘ EŽŶƚĂdžĂďůĞ /ŶĐŽŵĞ 7D[ 7LSV  Ž zŽƵ EĞĞĚ dŽ &ŝůĞ Ă ϮϬϮϬ dĂdž ZĞƚƵƌŶ͍  ZĞůŝĞĨ ĨŽƌ dĂdžƉĂLJĞƌƐ ^ƚƌƵŐŐůŝŶŐ tŝƚŚ dĂdž ĞďƚƐ  &ŝǀĞ dĂdž dŝƉƐ ĨŽƌ KůĚĞƌ ŵĞƌŝĐĂŶƐ  EĞǁ zĞĂƌ͕ EĞǁ tŝƚŚŚŽůĚŝŶŐ͍  tŚŽ YƵĂůŝĨŝĞƐ ĨŽƌ ƚŚĞ ĂƌŶĞĚ /ŶĐŽŵĞ CƌĞĚŝƚ 4XLFN%RRNV 7LSV  ^ŚŽƵůĚ zŽƵ CŚĂƌŐĞ >ĂƚĞ &ĞĞƐ͍ YƵŝĐŬŽŽŬƐ CĂŶ ,ĞůƉ ŶLJ ĂĐĐŽƵŶƚŝŶŐ͕ ďƵƐŝŶĞƐƐ Žƌ ƚĂdž ĂĚǀŝĐĞ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚŝƐ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ĂƚƚĂĐŚŵĞŶƚƐ ĂŶĚ ĞŶĐůŽƐƵƌĞƐ͕ ŝƐ ŶŽƚ ŝŶƚĞŶĚĞĚ ĂƐ Ă ƚŚŽƌŽƵŐŚ͕ ŝŶͲĚĞƉƚŚ ĂŶĂůLJƐŝƐ ŽĨ ƐƉĞĐŝĨŝĐ ŝƐƐƵĞƐ͕ ŶŽƌ Ă ƐƵďƐƚŝƚƵƚĞ ĨŽƌ Ă ĨŽƌŵĂů ŽƉŝŶŝŽŶ͕ ŶŽƌ ŝƐ ŝƚ ƐƵĨĨŝĐŝĞŶƚ ƚŽ ĂǀŽŝĚ ƚĂdžͲƌĞůĂƚĞĚ ƉĞŶĂůƚŝĞƐ͘ /Ĩ ĚĞƐŝƌĞĚ͕ ǁĞ ǁŽƵůĚ ďĞ ƉůĞĂƐĞĚ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ ƌĞƋƵŝƐŝƚĞ ƌĞƐĞĂƌĐŚ ĂŶĚ ƉƌŽǀŝĚĞ LJŽƵ ǁŝƚŚ Ă ĚĞƚĂŝůĞĚ ǁƌŝƚƚĞŶ ĂŶĂůLJƐŝƐ͘ ^ƵĐŚ ĂŶ ĞŶŐĂŐĞŵĞŶƚ ŵĂLJ ďĞ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ƐĞƉĂƌĂƚĞ ĞŶŐĂŐĞŵĞŶƚ ůĞƚƚĞƌ ƚŚĂƚ ǁŽƵůĚ ĚĞĨŝŶĞ ƚŚĞ ƐĐŽƉĞ ĂŶĚ ůŝŵŝƚƐ ŽĨ ƚŚĞ ĚĞƐŝƌĞĚ ĐŽŶƐƵůƚĂƚŝŽŶ ƐĞƌǀŝĐĞƐ͘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dĂdžƉĂLJĞƌƐ ĞůŝŐŝďůĞ ĨŽƌ /Z^ &ƌĞĞ &ŝůĞ ǁĞƌĞ ĂďůĞ ƚŽ ďĞŐŝŶ ƐƵďŵŝƚƚŝŶŐ ƚĂdž ƌĞƚƵƌŶƐ ŽŶ :ĂŶƵĂƌLJ ϭϱ͕ ϮϬϮϭ͕ ĂůƚŚŽƵŐŚ ƚŚĞ ƌĞƚƵƌŶƐ ǁŝůů ŶŽƚ ďĞ ƚƌĂŶƐŵŝƚƚĞĚ ƚŽ ƚŚĞ /Z^ ƵŶƚŝů &ĞďƌƵĂƌLJ ϭϮ͕ ϮϬϮϭ͘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 :ĂŶƵĂƌLJ ϭϱ͘ /Z^ &ƌĞĞ &ŝůĞ ŽƉĞŶƐ͘ dĂdžƉĂLJĞƌƐ ĐĂŶ ďĞŐŝŶ ĨŝůŝŶŐ ƌĞƚƵƌŶƐ ƚŚƌŽƵŐŚ &ƌĞĞ &ŝůĞ ƉĂƌƚŶĞƌƐ͖ ƚĂdž ƌĞƚƵƌŶƐ ǁŝůů ďĞ ƚƌĂŶƐŵŝƚƚĞĚ ƚŽ ƚŚĞ /Z^ ƐƚĂƌƚŝŶŐ &Ğď͘ ϭϮ͘ dĂdž ƐŽĨƚǁĂƌĞ ĐŽŵƉĂŶŝĞƐ ĂůƐŽ ĂƌĞ ĂĐĐĞƉƚŝŶŐ ƚĂdž ĨŝůŝŶŐƐ ŝŶ ĂĚǀĂŶĐĞ͘  :ĂŶƵĂƌLJ Ϯϵ͘ ĂƌŶĞĚ /ŶĐŽŵĞ dĂdž CƌĞĚŝƚ ǁĂƌĞŶĞƐƐ ĂLJ ƚŽ ƌĂŝƐĞ ĂǁĂƌĞŶĞƐƐ ŽĨ ǀĂůƵĂďůĞ ƚĂdž ĐƌĞĚŝƚƐ ĂǀĂŝůĂďůĞ ƚŽ ŵĂŶLJ ƉĞŽƉůĞ ʹ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ƵƐĞ ƉƌŝŽƌͲLJĞĂƌ ŝŶĐŽŵĞ ƚŽ ƋƵĂůŝĨLJ͘ )HEUXDU\   &ĞďƌƵĂƌLJ ϭϮ͘ /Z^ ďĞŐŝŶƐ ϮϬϮϭ ƚĂdž ƐĞĂƐŽŶ͘ /ŶĚŝǀŝĚƵĂů ƚĂdž ƌĞƚƵƌŶƐ ďĞŐŝŶ ďĞŝŶŐ ĂĐĐĞƉƚĞĚ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ ďĞŐŝŶƐ͘  &ĞďƌƵĂƌLJ ϮϮ͘ WƌŽũĞĐƚĞĚ ĚĂƚĞ ĨŽƌ ƚŚĞ /Z^͘ŐŽǀ tŚĞƌĞΖƐ DLJ ZĞĨƵŶĚ ƚŽŽů ďĞŝŶŐ ƵƉĚĂƚĞĚ ĨŽƌ ƚŚŽƐĞ ĐůĂŝŵŝŶŐ /dC ĂŶĚ CdC͕ ĂůƐŽ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ Wd, Đƚ ƌĞƚƵƌŶƐ͘ 0DUFK   &ŝƌƐƚ ǁĞĞŬ ŽĨ DĂƌĐŚ͘ dĂdž ƌĞĨƵŶĚƐ ďĞŐŝŶ ƌĞĂĐŚŝŶŐ ƚŚŽƐĞ ĐůĂŝŵŝŶŐ /dC ĂŶĚ CdC ;Wd, Đƚ ƌĞƚƵƌŶƐͿ ĨŽƌ ƚŚŽƐĞ ǁŚŽ ĨŝůĞ ĞůĞĐƚƌŽŶŝĐĂůůLJ ǁŝƚŚ ĚŝƌĞĐƚ ĚĞƉŽƐŝƚ ĂŶĚ ƚŚĞƌĞ ĂƌĞ ŶŽ ŝƐƐƵĞƐ ǁŝƚŚ ƚŚĞŝƌ ƚĂdž ƌĞƚƵƌŶƐ͘ $SULO   Ɖƌŝů ϭϱ͘ ĞĂĚůŝŶĞ ĨŽƌ ĨŝůŝŶŐ ϮϬϮϬ ƚĂdž ƌĞƚƵƌŶƐ͘ 2FWREHU   KĐƚŽďĞƌ ϭϱ͘ ĞĂĚůŝŶĞ ƚŽ ĨŝůĞ ĨŽƌ ƚŚŽƐĞ ƌĞƋƵĞƐƚŝŶŐ ĂŶ ĞdžƚĞŶƐŝŽŶ ŽŶ ƚŚĞŝƌ ϮϬϮϬ ƚĂdž ƌĞƚƵƌŶƐ͘ +HOS LV -XVW D 3KRQH &DOO $ZD\ 7D[HV DUH PRUH FRPSOLFDWHG WKDQ HYHU ,I \RX KDYH DQ\ TXHVWLRQV RU FRQFHUQV UHJDUGLQJ WD[ ILOLQJ WKLV \HDU GRQW KHVLWDWH WR FRQWDFW WKH RIILFH :KDWV 1HZ IRU  7D[ 5HWXUQV $V DOZD\V WD[SD\HUV VKRXOG EH DZDUH RI VHYHUDO NH\ LWHPV LQYROYLQJ FUHGLWV GHGXFWLRQV DQG UHIXQGV ZKHQ ILOLQJ WKHLU WD[ UHWXUQV /HWV WDNH D ORRN  5HFRYHU\ 5HEDWH &UHGLWC(FRQRPLF ,PSDFW 3D\PHQW ,Q -DQXDU\ WKH 7UHDVXU\ 'HSDUWPHQW DQG WKH ,56 EHJDQ VHQGLQJ WKH VHFRQG URXQG RI (FRQRPLF ,PSDFW 3D\PHQWV (,3 WR PLOOLRQV RI $PHULFDQV DV SDUW RI WKH LPSOHPHQWDWLRQ RI WKH &RURQDYLUXV 5HVSRQVH DQG 5HOLHI 6XSSOHPHQWDO $SSURSULDWLRQV $FW $V ZLWK WKH ILUVW URXQG RI (FRQRPLF ,PSDFW 3D\PHQWV (,3  WD[SD\HUV GRQW QHHG WR WDNH DQ\ DFWLRQ WR UHFHLYH WKHVH SD\PHQWV dĂdžƉĂLJĞƌƐ ǁŚŽ ĚŝĚŶΖƚ ƌĞĐĞŝǀĞ ĂŶ ĂĚǀĂŶĐĞ ƉĂLJŵĞŶƚ ƐŚŽƵůĚ ƌĞǀŝĞǁ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĐƌŝƚĞƌŝĂ ǁŚĞŶ ƚŚĞLJ ĨŝůĞ ƚŚĞŝƌ ϮϬϮϬ ƚĂdžĞƐ ďĞĐĂƵƐĞ ŵĂŶLJ ƉĞŽƉůĞ͕ ŝŶĐůƵĚŝŶŐ ƌĞĐĞŶƚ ĐŽůůĞŐĞ ŐƌĂĚƵĂƚĞƐ͕ ŵĂLJ ďĞ ĞůŝŐŝďůĞ ĨŽƌ Ă ĐƌĞĚŝƚ͘ 7D[SD\HUV ZKR UHFHLYHG DQ (FRQRPLF ,PSDFW 3D\PHQW VKRXOG KDYH UHFHLYHG 1RWLFH  ŝĨĞ ŝŶƐƵƌĂŶĐĞ ƉƌŽĐĞĞĚƐ ƉĂŝĚ ƚŽ LJŽƵ ĂƌĞ ƵƐƵĂůůLJ ŶŽƚ ƚĂdžĂďůĞ͘ Ƶƚ ŝĨ LJŽƵ ƌĞĚĞĞŵ Ă ůŝĨĞ ŝŶƐƵƌĂŶĐĞ ƉŽůŝĐLJ ĨŽƌ ĐĂƐŚ͕ ĂŶLJ ĂŵŽƵŶƚ ƚŚĂƚ ŝƐ ŵŽƌĞ ƚŚĂŶ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ƉŽůŝĐLJ ŝƐ ƚĂdžĂďůĞ͘  /ŶĐŽŵĞ ĨƌŽŵ Ă ƋƵĂůŝĨŝĞĚ ƐĐŚŽůĂƌƐŚŝƉ ŝƐ ŶŽƌŵĂůůLJ ŶŽƚ ƚĂdžĂďůĞ͖ ƚŚĂƚ ŝƐ͕ ĂŵŽƵŶƚƐ LJŽƵ ƵƐĞ ĨŽƌ ĐĞƌƚĂŝŶ ĐŽƐƚƐ͕ ƐƵĐŚ ĂƐ ƚƵŝƚŝŽŶ ĂŶĚ ƌĞƋƵŝƌĞĚ ďŽŽŬƐ͕ ĂƌĞ ŶŽƚ ƚĂdžĂďůĞ͘ ,ŽǁĞǀĞƌ͕ ĂŵŽƵŶƚƐ ƵƐĞĚ ĨŽƌ ƌŽŽŵ ĂŶĚ ďŽĂƌĚ ĂƌĞ ƚĂdžĂďůĞ͘  /Ĩ LJŽƵ ƌĞĐĞŝǀĞĚ Ă ƐƚĂƚĞ Žƌ ůŽĐĂů ŝŶĐŽŵĞ ƚĂdž ƌĞĨƵŶĚ͕ ƚŚĞ ĂŵŽƵŶƚ ŵŝŐŚƚ ďĞ ƚĂdžĂďůĞ͘ zŽƵ ƐŚŽƵůĚ ŚĂǀĞ ƌĞĐĞŝǀĞĚ Ă ϮϬϮϬ &Žƌŵ ϭϬϵϵͲ' ĨƌŽŵ ƚŚĞ ĂŐĞŶĐLJ ƚŚĂƚ ŵĂĚĞ ƚŚĞ ƉĂLJŵĞŶƚ ƚŽ LJŽƵ͘ /Ĩ LJŽƵ ĚŝĚŶΖƚ ŐĞƚ ŝƚ ďLJ ŵĂŝů͕ ƚŚĞ ĂŐĞŶĐLJ ŵŝŐŚƚ ŚĂǀĞ ƉƌŽǀŝĚĞĚ ƚŚĞ ĨŽƌŵ ĞůĞĐƚƌŽŶŝĐĂůůLJ͘ CŽŶƚĂĐƚ ƚŚĞŵ ƚŽ ĨŝŶĚ ŽƵƚ ŚŽǁ ƚŽ ŐĞƚ ƚŚĞ ĨŽƌŵ͘ Ğ ƐƵƌĞ ƚŽ ƌĞƉŽƌƚ ĂŶLJ ƚĂdžĂďůĞ ƌĞĨƵŶĚ LJŽƵ ƌĞĐĞŝǀĞĚ ĞǀĞŶ ŝĨ LJŽƵ ĚŝĚ ŶŽƚ ƌĞĐĞŝǀĞ &Žƌŵ ϭϬϵϵͲ'͘ ,PSRUWDQW 5HPLQGHUV DERXW 7LS ,QFRPH ,I \RX JHW WLSV IURP FXVWRPHUV WKDW LQFRPH LV VXEMHFW WR WD[HV +HUHV ZKDW \RX VKRXOG NHHS LQ PLQG  7LSV DUH WD[DEOH