RLJ Financial Services, Inc.

Download our new #ebook: Retirement planning at any age - https://rljfinancial.com//e/retirement-planning-at-any-age

The nanny tax surprises thousands every year. Here is what you need to know.

Every year, millions of new businesses are started across the country. Yes, millions. Unfortunately, a high percentage of them will be out of business within five years. Most businesses close due to issues such as a bad business plan, poor execution, and other controllable factors. Our job is to help you control those controllable factors ... and stay in business. Reach out for the help you need.

The IRS has begun putting together its 2021 Dirty Dozen tax scams list. The list includes: - pandemic-related scams - personal info cons... - ruses focusing on unsuspecting victims - schemes that persuade taxpayers into unscrupulous actions More info to come, but let this remind us to keep an eye out for these schemes and scams.

The Families First virus-related Tax Credit has been extended through March 31, 2021. Many employers had been required to keep paying employees forced to miss work due to health restrictions (e.g. staying home with children while schools were closed), but offered a tax credit to help cover the cost. Employers no longer must pay such workers. But the new bill extends the refundable tax credit through the first quarter for those bosses who are still doing so.

Over age 50? You may be able to catch-up on retirement.

The plethora of new tax breaks and credits from the two big COVID relief bills are not automatically applied to your taxes. You have to know about them and apply the appropriate information and forms to your return manually. Yet another reason to confer with a professional who can help you do that.

Have a strategy for discussing healthcare with your parents. #AgingParents

A new benefit from the newest stimulus package... The $300 ($600 for joint returns) above-the-line charitable giving deduction for all taxpayers, whether they itemize or not, has been extended through the end of 2021. Corporations will also be allowed to deduct up to 25% of their taxable income for charitable contributions, which is an increase from the normal 10% allowed.

Save ALL of your tax returns. After you file, save the paper and/or electronic copies with the rest of that year's financial documents for at least 7 years. If the IRS suspects you underreported your gross income by 25% or more, they have up to six years to challenge your return. And because we can all file for an extension at the October 15 deadline, you must keep your records for at least seven years. Regardless of those rules, though, if the IRS suspects you filed a fraudulent return, no statute of limitations applies. Because the IRS is run and organized by fallible people (with all of their attendant biases, emotions, etc.), we suggest keeping your tax returns and documents forever.

Tech woes can feel extra frustrating when you’re working from home. Reach out to a technology professional early and often to help make your experience a smooth one. https://www.mentalhealth.org.uk//looking-aft/while-working

#NationalFinancialPlanningMonth - Let us help you with your tax management.

Good news? "The US economy added 1.37 million jobs in August ... the fourth consecutive month of job growth. Additionally, the US unemployment rate in August fell to 8.4%. This mark was down from 10.2% in July and better than April's historically high 14.7% unemployment rate that happened to be the highest on record since the Great Depression. Still, the number of permanent job losses increased by 534,000 to 3.4 million, inspiring more Americans to pursue their own start-up ventures."

Now that Tax Year 2019 is fully in the rearview mirror, we only have a couple months left to make changes that will affect TY2020. If you are interested in exploring different options for getting ahead of any tax issues before they bite you ... get in touch with us right away. Times a'wasting.

Extroverts and introverts may both find working from home challenging, but for different reasons. Remember, social distancing doesn't mean social isolation. Reach out when you need to. https://www.usnews.com//extroverts-and-introverts-too-face

#NationalFinancialPlanningMonth - Let us help you with your protection strategies.

The IRS has apparently caught up on processing their backlogged mail that stacked up during COVID closures. Or, good enough, they say. They are now resuming the mailings of tax-due notices to taxpayers with outstanding tax bills. If you receive one of these notices, give us a call immediately.

Consider buying sufficient coverage early on.

#NationalFinancialPlanningMonth - Let us help you with your retirement preparation.

When telecommuting for the first time, patience is key. You’re certain to encounter new types of distractions and frustrations, so treat yourself (and your coworkers) with understanding and kindness.

Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.