Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

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Posts about Taxes

07 October 2021

Education Credits are for Children? Think Again!

There are two education-related credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). For either credit, the student must be enrolled in an eligible educational institution for at least one academic period (semester, trimester, or quarter) during the year.

David M Robson

Taxes

05 October 2021

Required Minimum Distributions Have Resumed for 2021

RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s, SEP IRAs and other qualified retirement plans. The tax code does not allow taxpayers to keep funds in their qualified retirement plans indefinitely. Eventually, assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions, or if the distributions are not large enough, he or she may have to pay a 50% penalty on the amount that is not distributed.

David M Robson

Taxes

30 September 2021

Fall Tax Planning May Be Wise

Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s tax proposals loom.

David M Robson

Taxes

24 September 2021

The IRS Backlog Is Causing Taxpayer Heartburn

the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating and workers from going to their offices. And in most instances, IRS employees could not work from home because of the secure nature of their tasks and the IRS’s computer system.

David M Robson

Taxes

23 September 2021

October 2021 Due Dates

The October 15th extension due date isn't the only thing to remember.

David M Robson

Taxes

21 September 2021

Filing as Married Separate? Better Read This.

The fact of the matter is that Congress carefully writes the tax laws to eliminate tax breaks for those filing MFS and can make filing very complicated. Here are some of the issues related to separate filings.

David M Robson

Taxes

15 September 2021

October Extended Due Date Just Around the Corner

The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021 due to the continuing Covid-19 pandemic. If you could not complete your 2020 tax return by May 17 and are now on extension, that extension expires on October 15, 2021. Failure to file before the extension period runs out can subject you to late-filing penalties.

David M Robson

Taxes

14 September 2021

Higher Income Individuals Beware

The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have only included a portion of the proposed changes.

David M Robson

Taxes

12 September 2021

What You Need to Know About the IRS and Tax Audits

despite its remarkable powers, fear has created mythologies around the agency. People both overestimate and underestimate the IRS’ abilities.

David M Robson

Taxes

09 September 2021

Should You Get an IRS Identity Protection PIN?

The IP PIN aids IRS in verifying a taxpayer's identity and accepting only valid returns via electronic filing or paper filed returns.

David M Robson

Taxes