Serving clients nationwide for over 30 years
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Tax & Business News

Tidbits for Clients

All of us here at Comolli and Company hope you are staying well.

We have some exciting news to share, Garrett Paolilli, CPA joined our firm in June of 2021. He provides tax services to individuals, partnerships, C corporations and S Corporations.  Please find out more about Garrett in our Team section.

We also wanted to share some informational news with you.

Qualified Charitable Distribution

People who are age 70 ½ or older can contribute up to $100,000 from their IRA directly to a charity and avoid paying income taxes on the distribution. This is considered a qualified charitable distribution.

Child and Dependent Care Credit Increased for 2021 only

The new law increases the amount of the credit and eligible expenses for child and dependent care, modifies the phase-out of the credit for higher earners and makes it refundable.

For 2021, the top credit percentage of qualifying expenses increased from 35% to 50%.

In addition, eligible families can claim qualifying child and dependent care expenses of up to:

  • $8,000 for one qualifying individual, up from $3,000 in prior years, or
  • $16,000 for two or more qualifying individuals, up from $6,000 before 2021.

This means that the maximum credit in 2021 of 50% for one dependent’s qualifying expenses is $4,000, or $8,000 for two or more dependents. There is a phaseout as income increase above $125,000.

Some Unemployment Compensation not taxed for Many

For tax year 2020 only, the first $10,200 of unemployment compensation is not taxable for most households. This tax benefit is only available to those whose modified adjusted gross income is below $150,000 during 2020. The same income cap applies to all filing statuses. If your tax return was filed before the change was made, the IRS will be adjusting your tax liability and sending a refund.

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Contact Info

Comolli & Company, P.C.
45 Stiles Road, Unit 208
Salem, NH 03079
Phone: (603) 898-3322
Fax: (603) 898-6322

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