Income Tax Questions Answered

February 1, 2021 on ForYourBenefit, host Bob Leins, CPA® welcomes Tom O’Rourke.

It’s the beginning of tax season.  Today’s program will focus on updates for this year and more.

• Is the 2020 Stimulus payment taxable?
• How much did 2020 Income Tax Rates increase over the 2019 rates?
• How is my 2020 Federal tax bracket determined and what does that mean to me?
• What are some of the tax savings opportunities offered by my Federal benefits package?
• Are there any tax savings opportunities that will be paid in 2021 that will impact my 2020 tax return?
• What are some of IRS’s audit “Red Flags”?
• What are some of President Biden’s Income tax proposals of general interest?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com