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Video instructions and help with filling out and completing irs tax tables 2021

Instructions and Help about irs tax tables 2021

Music what is the 2021 tax update hello wonderful this is Susan protecting taxpayers how by empowering and illuminating you with easy-to-understand tax information today I want to talk about the tax some day for 2021 tax year 2021 that we do in 2021 so it'll start January 29th and it's gonna end April 7th if instead of April 15 the next one is that tax refunds are gonna be issued by the IRS after February 15 and I just want to talk about some provisions that haven't been changed for 2021 just in case you wonder and one of them is a provision where taxpayers will not pay do not report the sale of their homes as long as they be there for two over the last five years so you don't even have to report it if that sell of your home if the profit of your home was less than $250,000 and of course we're married filing together is $500 or less that has been touched so that's great all right and traditional IRA hasn't been touched either no change for that you can save five thousand five hundred dollars in a traditional IRA but if you're 50 years old you can save six thousand five hundred dollars and it's actually pretty good because that's money for you to eat what you cannot work anymore um so it's is a traditional IRA awesome however for 2021 if you see that you're gonna be in a lower tax bracket right then a Roth IRA may be a better option especially if you are planning to collect a big retirement or have a lot of pensions that you're gonna be collecting at later in later on your tax bracket it's going to change but it's you know this tax bracket change is only good for eight years so 2021 so if it changes then you have this eight years where you are in a lower tax bracket so Roth IRA may not be bad our meals and entertainment has they have not changed either for 2021 but oh there is major changes for 2021 which I will explain in my next video for 2021 tax here just think is you wonder there is also no change for the $25 gift that you can give from your business to a person per year so it's $25 per person per year and next one just in case you wonder I just want to clarify the tax bracket change it is starting for tax year 2021 next one there is no change on the $250 that a t-shirt can deduct and for 2021 I know there's a huge change for 2021 that I will talk to my next video but there is no change for that for the ability to itemize so you can still itemize for 2021 for schedule a if you claim medical expenses this change for 2021 and 2021 and you have medical expenses you're going to see.

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