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Special $300 Charitable Deduction – Even if You Don’t Itemize

January 27, 2021

If you gave cash donations to charities last year make sure to keep those receipts and acknowledgment letters. There is a new $300 above-the-line charitable deduction starting for tax year 2020. Above-the-line means that the deduction will reduce your adjusted gross income and your taxable income. You are eligible if you take the standard deduction […]

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W-2 and Other Forms Coming Soon

January 22, 2021

W-2s and other tax forms will be coming in the mail the first week of Febuarary 2021. Be on the look out for W-2, 1099-NEC, 1099-R, and other tax forms to file your tax returns. Although E-File season is not starting until Febuary 12th CDM Business & Tax Services can still prepare and file tax […]

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2021 Tax Filing Season Begins Feb. 12

January 15, 2021

The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the […]

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IRS Updated Get My Payment Tool

January 9, 2021

The IRS has updated the Get My Payment Tool to include information for the second Economic Impact Payment (EIP). In addition, the IRS has provided a Question and Answer Page for the second EIP. Individuals who do not receive their EIP should reconcile the Recovery Rebate Credit on their tax return to get their payment.

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Enrolled Agent

December 15, 2020

What is an Enrolled Agent? An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. What does the term […]

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