VK Professional Services

2021 Tax Changes

The IRS is still making changes for 2021 Tax Season!  But here are some to be aware of:

  1. Donations: If claiming Standard Deduction credits, you get up to $300 donation deduction to qualified charitable organizations with receipt, if filing Standard Deduction; $600 for married filing jointly

  2. Small business PPP recipients: All qualifiable business expenses used from SBA or third-party financial institutions, can be deducted as qualifiable expenses on Schedule C forms. (Forgiven or Not); Non-profits must report as income/revenue, if filing form 990​​

  3. Employee Retention Credits for employees and Self-employers available if could not work for a duration, due to Covid

  4. New changes to  and tax forms coming, including Limitation of Business Losses

  5. Retain letters for Economic Stimulus and ACTC credits received

More will be added as approved by the IRS...

The IRS is still making changes for 2020 Tax Season, but here are some to be aware of....