Individual Tax

/Individual Tax

Ten Top Above-the-Line Deductions

By |2021-02-26T15:28:52+00:00February 26th, 2021|Individual Tax, News & Events, Press Releases|

Frequently, taxpayers pay close attention to itemized deductions, but forget about “above-the-line” deductions that could be even more valuable. These deductions reduce your adjusted gross income (AGI) for various tax purposes. Following is a list of ten key items available on 2020 returns. Charitable donations: Usually, charitable deductions are limited to itemizers. However, under the [...]

Have you filed your 2019 tax return but the IRS sent a notice saying you didn’t?

By |2021-02-19T22:06:57+00:00February 19th, 2021|Individual Tax, News & Events, Press Releases|

You are not alone.  Some 260,000 taxpayers also did.  These notices are called CP59 notices. The IRS has not finished processing 2019 returns due to COVID-19 delays and many of these notices were sent in error. The IRS has issued a news release saying these notices can be disregarded if you did in fact file [...]

Can You Claim a Recovery Rebate Credit?

By |2021-01-18T16:42:26+00:00January 18th, 2021|Individual Tax, News & Events|

The massive law enacted by Congress last year in response to the COVID-19 outbreak—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—authorized the distribution of Economic Impact Payments (EIPs) to qualified individuals. (Late in December, Congress authorized another round of payments.) But some eligible taxpayers were shorted or did not receive any payment at all. [...]

Capital Gains: Timing Is Everything

By |2020-12-28T21:21:48+00:00December 28th, 2020|Individual Tax, News & Events|

Are you planning to sell securities at the end of the year to “harvest” a long-term capital gain? Generally, the maximum tax rate on long-term capital gains is 15% (20% for certain upper-income taxpayers). To qualify as long-term gain, you must have owned the securities for more than one year. For these purposes, the controlling [...]

Consolidated Appropriations Act – Updates to PPP, FFCRA, and Payroll

By |2020-12-29T18:38:38+00:00December 22nd, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

On Monday, December 21, Congress passed the Consolidated Appropriations Act, 2021, which is expected to be signed by President Trump in the next several days. This Act provides various forms of COVID-19 related relief, among which are modifications to the Paycheck Protection Program (PPP) loan program, as well as a second round of PPP [...]

JMF Listed on Forbes America’s Top Recommended Tax And Accounting Firms For Second Year in a Row

By |2020-12-16T15:32:42+00:00December 16th, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Photo Credit: Forbes Magazine For the second year in a row, Forbes Magazine partnered with the independent market research company Statista to create a list of the most recommended firms for tax and accounting services in the United States.  JMF was on the initial list as well, which was published last year. JamisonMoneyFarmer PC is proud to be [...]

2020 Year-End Tax Letter

By |2020-12-11T18:42:40+00:00December 7th, 2020|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

 2020 Year-End Tax Letter YEAR END TAX PLANNING LETTER IN PDF Dear Clients and Friends: This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the resulting fallout is [...]