Helping people achieve their financial goals since 1991
Tax Break$ for 2021
EXPANDED CHARITABLE CASH DONATIONS- Like last year, taxpayers who take the standard deduction can write-off up to $300. New this year, married couples filing jointly can claim up to $600 in cash donations (keep those receipts!). And those who itemize can deduct up to 100% of their adjusted gross income for 2021. To search for qualified charitable organizations, go to the IRS Tax Exempt Organization Search tool.
COLLEGE INVEST 529 PLANS- Have children or grandchildren born after 1/1/2020? Don't miss out on the Colorado First Step Programto start saving for college. New accounts opened before their 5th birthday will receive $100 and be enrolled in the Matching Grant Program, eligible for up to $1,000 for 5 consecutive years! For new accounts, you can also apply for an additional $25 contribution within 30 days. For CO taxpayers, all contributions to CollegeInvest savings accounts are deductible up to your taxable income (next year deductions will be limited to $20,000 per taxpayer). And qualified apprenticeships can now be included along with higher education expenses for using 529 funds.
MEALS & ENTERTAINMENT EXPENSES FOR BUSINESSES - The temporary 100% deduction does not expire until January 1, 2023, so keep supporting our local establishments! Food and beverages from restaurants are still 100% deductible, but unfortunately, entertainment expenses are not deductible.
OTHER TAX BREAKS- There are many tax breaks to take advantage of for individuals, businesses and the self-employed - contact your Tax Manager today for tax planning services!
Keep these Documents!
To make tax filing easier in 2022, start gathering important documents as they are provided to you, such as:
IRS Letter 6419 to reconcile advance Child Tax Credit payments
IRS Letter 6475 to determine eligibility to claim the Recovery Rebate Credit
IRS Form 1095-A to reconcile advance Premium Tax Credits for Marketplace coverage
Forms W-2 and all Forms 1099
Brokerage statements and records of virtual currency transactions
Our office will close at 3:00 on December 17 for our Christmas party.