IRS Extends Federal Tax Filing Deadline to July 15 in Response to COVID-19
The IRS has officially extended the federal income tax filing and payment deadline from April 15 to July 15, 2020 as part of relief efforts around the COVID-19 pandemic. All American taxpayers and...
View ArticleProtect Yourself Against Tax-Related Identity Theft with a New Tool from the IRS
It’s crunch time for filing individual tax returns, which means tax-related identity theft is on the rise. Each year, more and more scammers plan to steal personal information of taxpayers to file a...
View ArticleOvercoming Obstacles for Utilizing the QBI Deduction
As we enter year three of the qualified business income (QBI) era, if you have not yet taken steps to maximize your deduction under this tax law – the time is now. Over the past two years, we have seen...
View Article2020 Payroll Tax and Withholdings Update
In 2020, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and...
View Article2020 Tax Pocket Guide
Access the 2020 Anders Tax Pocket Guide for this year’s corporate and individual tax rates, retirement plan contribution limits and more, including: Estate tax and lifetime gift tax exemption increase...
View ArticleMissouri Announces Individual Income Tax Changes for 2019 Tax Returns
The Missouri Department of Revenue has announced the 2019 individual income tax year changes, effective for the tax year beginning January 1, 2019, which will be reflected on 2019 Missouri individual...
View ArticleYou May Be Able to Claim the 45L Tax Credit Retroactively Thanks to the New...
A new bipartisan bill for the New Home Energy Efficiency Act was proposed to retroactively extend the $2,000 45L Tax Credit. If passed, taxpayers could amend their 2018 tax return and apply the credit...
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How to Give and Get Back with Tax-Advantaged Charitable Giving Following Tax...
Many more taxpayers are now taking the standard deduction as a result of the Tax Cuts and Jobs Act. The increase in standard deduction coupled with changes to certain itemized deductions reduces the...
View ArticleTop Mistakes to Avoid to Maximize the QBI Deduction
The 20% Qualified Business Income (QBI) deduction was arguably the most complicated change taxpayers faced during the 2019 tax filing season. Coincidentally, it happened to be an area where we...
View ArticleNew Phone Scam Impersonating the Social Security Administration
The IRS has issued a consumer alert regarding a new phone scam in which a recording pretends to be calling from the Social Security Administration (SSA). The recording threatens to suspend your social...
View ArticleDoes Your Rental Real Estate Qualify for the 20% QBI Deduction?
One of the most talked about components of the Tax Cuts and Jobs Act (TCJA), the 20% Qualified Business Income (QBI) deduction, was finally given some clarity when the IRS issued final regulations....
View ArticleBack to School Sales Tax Holiday August 2-4
The Back to School Sales Tax Holiday is a great time to stock up on school supplies tax-free. In Missouri, the tax-free holiday starts at 12:01 a.m. on Friday, August 2nd and lasts through 11:59 p.m....
View ArticleHow the Business Interest Expense Deduction Could Create a Larger Tax...
The new business interest expense deduction is one of the Tax Cuts and Jobs Act (TCJA) changes that could have a significant effect on a business’s net income and increase a company’s tax liability....
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Top Charitable Giving Tax Strategies for 2019
Many more taxpayers are now taking the standard deduction as a result of the Tax Cuts and Jobs Act. The increase in standard deduction coupled with changes to certain itemized deductions reduces the...
View ArticleTax Reform for Individuals: Repealing the Overall Itemized Deduction Pease...
The Pease Limitation previously put a cap on how much wealthy individuals could claim for certain itemized deductions if their income was over a certain amount. The overall itemized deduction limit, or...
View ArticleTax Reform for Individuals: Changes in Deducting Gambling Losses
Professional gamblers and hobby gamblers are now on the same playing field in the eyes of the IRS. Under the Tax Cuts and Jobs Act (TCJA), changes were made to how expenses and losses are deducted...
View ArticleTax Reform for Individuals: Qualified Charitable Distributions
The tax benefits of donating to your favorite charity have changed under the Tax Cuts and Jobs Act (TCJA), but there are ways to offset the changes for individuals 70 ½ or older with individual...
View ArticleTax Reform: Excess Business Losses
Pass-through business owners historically were able to deduct excess business losses, allowing them to reinvest that money into their businesses. The Tax Cuts and Jobs Act (TCJA) has made significant...
View ArticleTax Reform for Individuals: Roth Recharacterizations
Converting a traditional IRA to a Roth IRA may make sense for your retirement strategy depending on your tax situation. For example, you might want to pay tax on contributions in your current tax...
View ArticleTax Reform for Individuals: Standard Deduction and Personal Exemption Changes
If you’re used to itemizing deductions for expenses such as mortgage interest, state and local income tax and charitable contributions, you may be changing the way you file your tax return following...
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