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LMM & Associates Monthly Tax News

Welcome fall! The weather is getting a bit chillier, and the sweatshirts are coming out. Just a few more weeks before the streets are overrun with ghosts and goblins looking for candy!

The IRS has been catching up on the backlog of returns needing review. This means that you may have received a letter in the mail. The most likely reason for an adjustment to your refund/taxes due is inaccurate reporting of the Economic Impact (stimulus) payments. In the event that you receive a letter, please verify that the information you provided us is correct, then give the tax team a call.  The IRS is looking to verify the following payments:

  • Spring of 2020 – up to $1,200 per taxpayer/spouse and $500 for each child under 17
  • January of 2021 – up to $600 per person, including dependents up to 17 years of age

With the holidays right around the corner, please keep in mind that everyone is allowed a deduction of cash charitable donations (up to $600 married filing jointly, $300 all other filing statuses), whether or not they itemize their deductions. Keep track of your cash donations and report them to us with your tax paperwork at the end of the year.

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Wishing you all an amazingly spook-tacular October!


October 11th - Columbus Day

October 13th - National M&M Day!

October 15th - Personal Tax Extensions Due

October 31st - Happy Halloween

Tax Terms - Explained

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Depreciation Recapture

Buying and selling property can get complicated very fast - - impacting the tax you pay and when you pay it.

Learn More!

Online Scams

By Julien & Kiersten Saunders

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If you’ve felt like the number of scammy emails coming through your inbox has risen in the last year, you’re not alone. 

Read More

Watch! 14 Cool Ways to Fold a Holiday Napkin

From: Blossom

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Surprise your guests this holiday season with a cool napkin fold. Watch!

LMM & Associates, Inc.

11017 N. Woodstock St. | P.O. Box 741 | Huntley, IL 60142

847-458-2460 | View in Browser

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