Durham & Durham, Inc.
Tax Preparation, Consultation, & Accounting

If you sold goods or services & received payments through certain payment apps or online marketplaces you may receive a Form 1099-K.

IRS.gov has a variety of info available to help taxpayers. An IRS online account has access to info about their federal tax return.

Largest portion is Social Security & Medicare, ththe social programs, national defense, community development, interest, and law enforcement

The average fee for individual Form 1040 with the standard deduction, plus a state income tax return, was $220.

Forms 1099K will be sent to many taxpayers who won't expect one & may not have a tax obligation.

You need to carefully choose a tax professional to handle your personal information with care and security.

Mobile Payment income reporting has changed to totals exceeding $600.

New in 2021 you may take a $300 (Single/HOH) or $600 (MFJ) deduction in cash contributions to a qualified organization if you don’t itemize.

The 2nd Advanced CTC Payment is scheduled to be issued Friday 8/13/21.

Any time you are using your vehicle for delivery or transporting paying riders, those are business miles.

56 cents per mile is the standard mileage rate used to calculate the deductible costs of operating an automobile for business.

Businesses can claim 100% of their food or beverage expenses paid to restaurants.

The Child Tax Credit per qualifying child has increased to $3,600 for children ages 5 & under; and $3,000 for children ages 6 -17.