Usually File a Joint Return? There’s Still Time to Consider Another Strategy!
If you are married, most likely you’ve always filed a joint tax return with your spouse. Most of the time, a joint return shows less overall tax than two separate …
Some Tax Refunds are Being Delayed by the IRS.
The IRS is holding nearly 30 million tax refunds for manual processing. Recent COVID-19 relief legislation passed by Congress threw a monkey wrench into an already complicated year. Additionally, the …
Tax Credits are Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines
The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees …
There’s Less than a Month Left Before Your 2020 Income Taxes are Due. Don’t Miss Out on these Tax Credits!
For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child …
The Earned Income Tax Credit is Higher than Ever Before!
The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021. That’s thanks to …
IRS Will Recalculate Taxes on 2020 Unemployment Benefits and Start Issuing Refunds in May
Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation. The IRS will automatically refund …
The American Rescue Plan Ended the “Cliff” for the Health Insurance Premium Tax Credit.
With the passage of the American Rescue Plan Act of 2021 (ARPA), Congress has temporarily abolished the health insurance premium tax credit “subsidy cliff.” For 2020 and 2021, self-employed and …
Face Masks and other PPE to Prevent COVID-19 are Tax Deductible!
The IRS issued guidance clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus …
More Economic Impact Payments Will Arrive in the Coming Days
The IRS has announced that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit …
The IRS Officially Delays the 2020 Income Tax Filing and Payment Deadline to May 17, 2021
From the IRS: The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically …