DePauw Johnson Tax & Financial Services

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High-income taxpayers are limited in the annual amount they can contribute to a Roth IRA. However, they can circumvent the income limitations by first making a traditional IRA contribution and then converting it to a Roth IRA, which is commonly referred to as a "back-door Roth IRA." However, serious pitfalls associated with this maneuver can result in unexpected taxable income.

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If you are in the business of providing day care services out of your home, you benefit from two unique tax advantages. One allows you to deduct the cost of the business use of your home, even though the use is not exclusive, and the other lets you use a standard cost allowance for meals provided to those you care for, rather than having to keep track of actual expenses.

Did you miss the $10,200 unemployment benefit exclusion on your tax return? No worry, the IRS has started reprocessing and sending refunds back to affected taxpayers. For more information, watch this video.

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Here is a fun fact for your Saturday from DePauw Johnson Tax & Financial Services. #SmallBizStat

DePauw Johnson Tax & Financial Services - Some Friday tax knowledge for our friends and colleagues.

A sole proprietorship is the simplest and least expensive form of business, but it exposes the sole proprietor's personal assets to liabilities of the business.

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Here are the July 2021 individual tax due dates:

Here are the July 2021 business tax due dates:

The U.S. Treasury has released a Green Book that includes a general explanation of the Biden Administration's 2022 revenue proposals. If passed into law, they may have profound impacts on taxpayers.

Planning on flipping houses? Make sure to learn about the tax treatments of dealers, investors, and homeowners. Check out this helpful video for a quick summary of what you should know.