Page 39 - AAGLA-FEB 2022

Member Update
Tax Tips for Readying 2021’s Returns
By Lisa Grossman Ben-Tal, Certified Public Accountant
Here are some “key” changes in the tax law that happened during the 2021 tax year. You should review the list below and make sure to provide all important information when getting ready your tax documents and tax filings for the 2021 year. Adequate
preparation of your tax documents can help get your tax returns prepared more quickly and at a lower cost.
Economic Stimulus Payments
If you received a third stimulus payment during 2021 (e.g., maximum amount was $1,400 for individuals, $2,800 for married filing jointly, and an additional $1,400 per dependent) you will need to provide your tax preparer with information about how much you received in this stimulus payments.
Child Tax Credit Payments
If you received monthly checks from the Internal Revenue Service (IRS) for the child tax credit, you would need to provide the total amount of the payments you received in 2021. The IRS has also begun sending letters reconciling these payments. If you received this letter, you should provide the letter to your tax preparer with your tax documents.
Refinance of Real Properties
If you refinanced any real properties during 2021, you should include your final escrow closing statement with your tax documents.
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Required Minimum Distributions from Retirement Accounts
Remember that although individuals were not required to take a required minimum distribution from their retirement accounts in 2020, it was again required for the year 2021 and going forward. Please note that you may be underpaid in taxes if you changed any of your withholdings in 2020 due not taking the required distribution.
Unemployment Compensation
All unemployment compensation is taxable on your federal tax return.
Charitable Donations
Normally if an individual does not itemize deductions on their tax return, they will not be allowed a deduction for charitable donations. In 2021, individuals who take the standard deduction are allowed to deduct cash donations (not goods) up to $300 for individual filers or $600 married filing jointly filers. You should provide your tax preparer with a schedule of much you gave in cash donations with your tax documents.
Lisa Grossman Ben-Tal is a Certified Public Accountant who specializes in taxes for both individuals and businesses. She has been a tax preparer and advisor for Executive Director, Daniel Yukelson, for more than 10 years. She can be reached at (310) 348-9094 or visit her website at www. grossmanbtcpa.com.
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