FEATURED ARTICLES & TAX TIP BLOG
Welcome to the KM&M CPAs Featured Articles & Tips Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to kmm@kmmcpas.com. Enjoy the articles and subscribe to our newsletter for periodic email updates.
Focus: Extended COVID relief affecting individuals
From KM&M CPAs/Thomson-Reuters — Dear Clients and Friends, Here is an overview of key provisions in the extended COVID relief legislation enacted in late December that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or...
Coronavirus Assistance Checklist, Jan. 4 update
From the Pinnacle CPA Advisory Group — CORONAVIRUS ASSISTANCE CHECKLIST by Dave Krebs, CPA (Jan. 4, 2021) This checklist was prepared for our clients and friends as a quick way to identify eligible, qualified programs. Please contact us for the details. Many of the...
Additional 2020 economic impact payments
From KM&M CPAs/Thomson-Reuters — Dear Clients and Friends, You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty...
IRS issues standard mileage rates for 2021
From the IRS Newswire — WASHINGTON — The Internal Revenue Service recently issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1,...
Forecast of what may be coming with the Biden tax plan
With information from our friends at Pinnacle Wealth Planning Services, Inc. — Now that the 2020 general election is mostly over, it’s time to consider what federal tax changes Presidentelect Biden would like to see for 2021 and beyond. However, the post-election...
Advice for Your Year-End Charitable Giving
With information from our friends at Pinnacle Wealth Planning Services, Inc. — Dear Clients, With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable...
Beware of Covid-19 Vaccine Scams
With information from our friends at Pinnacle Wealth Planning Services, Inc. — Dear Clients, We wanted to pass along this information to keep you informed and aware. Unfortunately and unsurprisingly, there already are many scams underway associated with the COVID-19...
Student Loans: Pay Off Early or Save More for Retirement?
Pinnacle Wealth Planning Services, Inc. — For adults with student debt and extra money on hand, deciding whether to pay off student loans early or put those funds toward retirement can be tricky. It’s a financial tug-of-war between digging out from debt today and...
Now’s a Good Time to Consider a Roth Conversion
Pinnacle Wealth Planning Services, Inc. — This year has been challenging on many fronts, but one financial opportunity may have emerged from the economic turbulence. If you've been thinking about converting your traditional IRA to a Roth, now might be an appropriate...