Social Security Changes for 2021

Social Security recipients got a 1.3% raise for 2021, compared with the 1.6% hike beneficiaries received in 2020. Maximum earnings subject to the Social Security tax also increased—from $137,700 a year to $142,800. Other changes for 2021 included an increase in how much money working Social Security recipients can earn before their benefits are reduced…

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Time to Schedule

It is cold and dreary and the last thing you want to do is mess with taxes. The IRS opened for filing on February 12 so now is the time to schedule your appointment. Go go my website: pedersonaccountingservices.com. Next to my telephone number is the button that says Schedule. The times shown are when…

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IRS urges taxpayers to gather tax documents now for smooth filing later

WASHINGTON —The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit,…

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Second Economic Impact Payment

WASHINGTON – The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov. The IRS and the…

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Happy New Year!

Happy New Year! We pray 2021 will be a much better year for everyone! It is that time of year again. Envelopes will start arriving that say “Tax Documents.” Be sure to put all the documents in the same place so when you are ready to have your taxes done, they will all be together.…

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