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.
Year-End 2020 Tax Tips
Pinnacle Wealth Planning Services, Inc. — Here are some things to consider as you weigh potential tax moves before the end of the year. Defer income to next year Consider opportunities to defer income to 2021, particularly if you think you may be in a lower tax...
IRA and Retirement Plan Limits for 2021
Pinnacle Wealth Planning Services, Inc. — Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased. IRA contribution limits The maximum amount you can contribute to a...
Open Enrollment for Health Insurance Marketplace Is Here
Pinnacle Wealth Planning Services, Inc. — The portal opened Nov. 1 for Individuals (including families) to apply for new health insurance, switch to a different health-care plan, or re-enroll in their current plan through a Health Insurance Marketplace under the...
Form 1099-NEC makes debut with 2020 tax filing
From the Pinnacle CPA Advisory Group, a KM&M CPAs affiliate — Dear Clients and Friends, We hope you are well. We are writing to provide information about a reporting requirement change for those businesses that make payments to independent contractors or others...
Coronavirus Assistance Checklist Oct. 21 update
From the Pinnacle CPA Advisory Group, a KM&M CPAs affiliate — This checklist was prepared for our clients and friends as a quick way to identify eligible programs. Please contact us for the details. Many of the details are not available yet from the government....
Now is the time to make your year-end tax moves
Thomson Reuters/PCC and John Baer, CPA — To Our Clients and Friends: 2020 has been quite a challenge, to say the least. The COVID-19 crisis brought massive unemployment, business closures, and an enormous amount of uncertainty. All of this has made 2020 seem like the...
FAFSA Now Open for 2021-2022 Academic Year
From KM&M CPAs — The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 school year went live Oct. 1, 2020. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA before...
Donating a life insurance policy to charity can net deductions
From KM&M CPAs — The fall and holiday seasons of the year have traditionally been a time of increased charitable donations. Therefore, we thought it was appropriate to briefly discuss a charitable gift giving idea that has grown in popularity during the last few...
10 ways to avoid penalty for COVID-related retirement withdrawal
From MarketWatch.com — If you’re facing a cash shortfall, you may be considering a withdrawal If you’re facing a cash shortfall, you may think about taking an early withdrawal from your IRA or qualified retirement plan account. By early withdrawal, we mean one that...