What to Do if You Haven’t Received Your Second Stimulus Check Yet
After much political back and forth—and about nine months after the first checks started going out—the second round of stimulus checks is finally hitting Americans’ bank accounts. Many people have tweeted that they’ve already received the second payment, but there are also lots of people concerned about why they haven’t. This time, the checks are...Continue reading→
2020 YEAR END TAX TIPS
Don’t let the holidays distract you from last-minute opportunities to reduce your 2020 tax bill. Some tactics are only in play for 2020, thanks to the federal CARES Act, so this is the only chance you’ll have to capitalize on them. Here are a few tips for your 2020 year end: Give generously In...Continue reading→
More on Working from Home – What Remote Workers Need to Know Before Filing for 2020
So you’ve been working from home this year as a result of the pandemic. Maybe your office went entirely remote and you’ve been having daily Zoom meetings with coworkers and clients. Or perhaps you were laid off and are now doing freelance or contract work from the comfort of your own home. With tax season...Continue reading→
IRS Taxpayer Relief Initiative
The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt. Taxpayers who owe taxes always had options to get help through payment plans...Continue reading→
Tax Implications of Working from Home During COVID-19
Because of COVID-19, millions of people no longer go to the office but work from home instead, where they have had to set up workstations with desks, printers, high-speed internet, and other pricey items, often paid for out of their own pockets. Many other workers have temporarily (or maybe permanently) fled expensive big cities for...Continue reading→
Watch out for Tax Scams in 2020
Most of us find it nerve-wracking enough that we’re forced to focus on gathering our piles of paperwork to fill out our tax returns. Now adding to our stress, we must watch out for tax season scam artists, too. The crooks are everywhere from the gym parking lot to the latest emails and text messages. Fraudsters want...Continue reading→
Canceled Debt – Is It Taxable or Not?
If you borrow money and are legally obligated to repay a fixed or determinable amount at a future date, you have a debt. You may be personally liable for a debt or may own a property that’s subject to a debt. If your debt is forgiven or discharged for less than the full amount you...Continue reading→
8 Surprising Things You May Not Know are Taxable
If you work for a living, you know that your wages are taxable, and you’re probably aware that some investment income is taxable too. But the IRS doesn’t stop there. If you’ve picked up some extra cash through luck, skill or criminal activities, there’s a good chance you owe taxes on that money as well....Continue reading→
A few more year-end tax tips
Stop, take a deep breath before you pull out that plastic to jump on yet another holiday deal on a TV, toys or a smartphone. Will you really have all the money you need by January or February to cover all those holiday bills? Not necessarily, if you’re banking on a big income tax refund...Continue reading→
YEAR-END TAX SAVING MOVES
First, estimate your 2019 tax tab by adding up your taxable income streams, then subtracting the tax breaks you know you will use. This exercise should help you determine whether you’ll take the standard deduction this year or itemize. The standard deduction for 2019 is $12,200 for single taxpayers and $24,400 for those married filing...Continue reading→