Waterfront Tax & Accounting Blog

If opening your credit card bills, your checkbook, or your wallet are traumatic events, you may have a problem with overspending. It’s nothing to be ashamed of, and you’re certainly not alone, but there’s a good chance that it is keeping you from achieving some of your goals. If you have a dream ...

Article Highlights:  Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2017 Tax Year Missing Information  As a reminder to those who have not yet filed their 2020 tax returns, May 17, is the due date to either file a return (and pay the tax...

During 2020, many higher education institutions and other agencies provided emergency financial aid grants to students affected by the coronavirus pandemic. The grants helped students with costs resulting from disruptions of school operations, including expenses for housing, food, remote learning...

 The American Rescue Plan Act allows many Americans to exclude some or all of their 2020 unemployment insurance (UI) benefits from their taxable income. This exclusion is available to taxpayers with a modified adjusted gross income (MAGI) of less than $150,000 for 2020. The IRS recently explained...

Every year, many taxpayers make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly since the IRS may assess penalties for underpayment. The following mistakes may n...

In December 2020, Congress passed the Consolidated Appropriations Act, 2021. The Act includes the COVID-related Tax Relief Act of 2020, which provides for the full deductibility of business expenses paid with PPP loan funds.A Refresher: What are PPP Loans?As a reminder, the Paycheck Protection Pr...

You may not think about taxes often, but they can prove to be a large expense. That's why it's important to make the most of any opportunities you may have to lower your tax liability. Here's a look at some of the factors you may want to consider in your planning.Standard Deduction or ItemizingTh...

If you have a dependent who does not meet the criteria for the Child Tax Credit (CTC), you may still qualify for a $500 credit called the Other Dependent Credit. Examples of qualifying dependents include children of age 17 or 18 (or up to age 23 if they are full-time students), and adult relative...

IRS Projects Delivery Schedule for 2020 Tax Refunds & TrackingWith the processing of 2020 federal tax returns now underway, the IRS has issued information about the likely timetable for refunds to be issued. Here are some key points to keep in mind:- The IRS began processing returns on February 1...

Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021.Standard Deduction Incre...