2021 ORGANIZERS Available now

 

click here for 2021 organizers

 

IRS has announced the start date of 2022 tax season - January 24

The IRS has announced the start date for the 2022 tax season will be Monday, January 24th, 2022. This is the date that IRS will start accepting electronically submitted tax returns for the 2021 Tax Year.

 

changes to
2021 taxes

There have been some changes to the Tax Year 2021 taxes. In addition many of the prior tax acts (CARES Act and the Consolidated Appropriations Act) are still in place for 2021.

• For student loan payments made after March 27, 2020 and through 2025 employers can pay the principal or interest of an employee’s qualified education loan up to $5,250 per year and exclude the benefit from the employee’s taxable income under a qualified educational assistance program.

• For 2021, up to $300/$600 (single/married filing jointly) of qualified charitable contributions are deductible as above-the-line deductions in calculating AGI without the taxpayer having to itemize deductions. For taxpayers who itemize, the 60% AGI limitation for cash contributions remains at 100% for 2021.

• If you did not receive your full Economic Impact Payment #3 in the Spring of 2021, you may take a "Recovery Rebate Credit" on your 2021 return.

• The "Standard Deduction" has increased slightly for 2021 to: $12,550 single; $25,100 married, $18,800 for head of household. Arizona has adopted the same standard deduction.

• The Required Minimum Distribution from retirement accounts for those over age 72 is back for 2021 (there was a one year exclusion under the CARES act) .

• The maximum age limitation for making deductible traditional IRA contributions no longer applies for tax years beginning with 2020. You must still have earned income in order to qualify for the deduction.

• The contribution limit for IRA accounts remains at $6,000 for 2021. Those 50 and older can still contribute an additional $1,000.

Please contact our office if you have questions on any of the changes.

Federal tax calendar

MONTHLY

15th - Payroll deposits due for monthly depositors

20th - Sales tax due

 

JANUARY

15th – Fourth estimated tax payment due

31st – Quarterly reports due for fourth quarter

 

MARCH

15th – Partnership and S-Corporation tax returns due

 

APRIL

15th – Individual & C-Corporation tax returns due

15th – First estimated tax payment due

30th – Quarterly reports due for first quarter

 

JUNE

15th – Second estimated tax payment due

 

July

31st – Quarterly reports due for second quarter

 

SEPTEMBER

15th – Third estimated tax payment due

 

October

31st – Quarterly reports due for third quarter

 

Watson CPAs, PC

2680 S Val Vista Dr Ste 192

Gilbert, AZ 85295

 

phone: 480-491-7994

fax: 480-491-8179