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Lord Tax Management


  • Home
  • Tax Updates
  • CHARITABLE DONATIONS
  • INCOME TAX LINKS
  • Contact Us

2021 tax reminders and checklist

  • The IRS will be open for the processing of 2021 income tax returns as of January  24, 2022.
  • For the preparation of your 2021 personal income tax return, please have an accurate      accounting of any Stimulus Payments and advance Child Tax Credit payments you received.  Although these amount may not be taxable to you for 2021, they must be reconciled on your 2021 return.  Providing inaccurate figures could delay the processing of your return and any refunds that may be due to you.
  • If you took advantage of the offer to defer a portion of your 2020 Self Employment (SE) Tax, please remember 1/2 of the deferred amount was due December 31, 2021; the remainder 1/2 is due no later than December 31, 2022.   The IRS sent out notices to those taxpayers who took advantage of the immediate tax savings on their.  This payment can be paid on-line or via mail.  Please contact this office if you are unsure if this applies to you.
  • The IRS office in Fresno is now Closed.  All correspondence should be addressed to Ogden UT.
  • If you took advantage of the offer to defer taxation of a portion of your 2020 Taxable IRA Distribution under $100,000, please remember 1/3 of the distribution amount will be included in your 2021 income tax return, unless you repaid the sum prior to 12/31/2021.
  • As of late 2021, the IRS has determined that no adjustment in business expenses for any forgiven PPP Loan proceeds is necessary.   The forgiven loan is not taxable and no adjustment to your business expenses will appear.   
  • If you dove into EV market in 2021, and installed an EV Charging Station in your home or place of business, please let us know.  You could be entitled to a tax credit for that year.

2021 - when to file

  • W-2 Wage Reports - January 31
  • 990 FUTA Reports- May 15 / Nov 15 with extension
  • Individual Return 1040 - April 18 / Oct 15 with extension
  • Fiduciary Return 1041 - April 18 / Oct 15 with extension
  • Partnership Return 1065 - March 15 / Sept 15 with extension
  • 1099Misc - January
  • All other 1099 - Feb 28 or March 31
  • C Corp 1120 - April 15 / Oct 15 with extension
  •         FYE 6/30 - Sept 15 / April 15 with extension
  •         Other FYE - 15th day of the 4th month / 6 mos with extension
  • S Corp 1120S - March 15 / Sept 15 with extension
  • Pension 5500 & 5500EZ - July 31 / Oct 15 (incl. Solo 401k with value of $250K +)
  • FinCEN 114 - April 15 / October 15 with extension

pension contribution limits and more

Personal, Estates and Trust Income Tax Rates will range from 10% to 37% for 2021, depending on filing status and net income levels.   Tax on corporations and other businesses, not flow through entities, can expect to pay 21%.  


Employer Retirement Plan contribution limits for 2021 are as follows:

  • IRA Contributions $6,000 for 2021 and 2022.  Plus $1,000 catch-up.
  • Maximum elective deferral to retirement plans, e.g., 401(k), 403(b):  $19,500  ($20,500 for 2022).
  • Catch-up contribution limit for 401(k), 403(b), and certain 457 plans: $6,500
  • Limit on annual additions to SEP and Defined Contribution plans: $58,000, $61,000 for 2022.
  • Annual benefit limit under defined benefit plans: $230,000, $245,000 for 2022.

Note:  Income limits apply.


If you plan on making a gift to someone in 2022, the annual gift tax exclusion for any individual remains at $15,000; married electing split gifts, $30,000.   Combined lifetime gift tax and gross estate tax exemption: $11,700,000.   GST tax exemption: $11,700,000.


To hear more about how these and other tax rates, schedules and contribution limits for 2021, please give us a call at 949-766-7808, or complete the inquiry form below.

RMD Reminder for 2022 and beyond

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 raised the age when you must begin taking RMDs from a traditional 401(k) or IRA from 70½ to 72.  If you turned 70½ years old on or after January 1, 2020, this law’s changes apply to you and you do not have to begin taking RMDs until April 1 of the year following the year that you turn age 72. If you turned 70½ years old in 2019 and earlier, the law's changes do NOT apply to you.  


For the tax year 2022, Age as of 12/31/2022 - 72

your RMD Deadlines are as follows:

(1) Take distribution by December 31, 2022

(2)  Delay your 2022 to April 1, 2023. BUT if you this delay in your 2022 distribution, it will result in you having to take two (2) distributions in 2023.


For the tax year 2022, Age as of 12/31/22 - 73 or older

your RMD Deadlines are as follows:

Take distribution by December 31, 2022


The IRS has provided guidance and a worksheet to calculate RMDs.  The link to this website is:  https://www.irs.gov/retirement-plans/plan-participant-employee/required-minimum-distribution-worksheets


Let us know if you need assistance as to what your RMD is before the deadline of December 31.   You can give us a call at 949-766-7808, or complete the inquiry form below. 

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Nadine Lord Divan EA CFP

25 Cerrero Ct, Rancho Mission Viejo, California 92694, United States

(949) 766-7808 or Toll Free (800) 350-1299


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