3 06, 2021

IRS begins correcting tax returns for unemployment compensation income exclusion

2021-06-03T12:00:38-07:00June 3rd, 2021|Uncategorized|Comments Off on IRS begins correcting tax returns for unemployment compensation income exclusion

The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed their tax returns prior to the American Rescue Plan of 2021 becoming law in March and [...]

3 06, 2021

Advance Child Tax Credit Payments in 2021

2021-06-03T10:04:51-07:00June 3rd, 2021|Uncategorized|Comments Off on Advance Child Tax Credit Payments in 2021

There have been important changes to the Child Tax Credit that will help many families receive advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only.The expanded credit means:The credit amounts will increase for many taxpayers.The credit for qualifying children is [...]

27 04, 2021

IRS update on non-taxable unemployment

2021-04-27T09:49:46-07:00April 27th, 2021|Law Changes, Tax|Comments Off on IRS update on non-taxable unemployment

For those of you who had unemployment in 2020 and filed prior to mid-March, you probably paid taxes on the full amount of unemployment.  The tax law changed to exclude the first $10,200 of unemployment as taxable.  For a married couple there is a $10,200 exclusion for each person. The IRS is stating that you [...]

25 01, 2021

Earned Income Tax Credit – IRS News

2021-01-25T10:53:19-07:00January 25th, 2021|Tax, Tax Season|Comments Off on Earned Income Tax Credit – IRS News

The EITC usually affects the lower income earners with children, but even if you do not have children, it is possible you qualify for the additional credit. Keep in mind that unemployment is not earned income, therefore does not count toward qualifying for the EITC.  I believe many people will be surprised when they file [...]

18 01, 2021

IRS releases information for 2020 filing season

2021-01-18T10:50:37-07:00January 18th, 2021|Tax, Tax Season|Comments Off on IRS releases information for 2020 filing season

The IRS announces they will be open for filing 2020 taxes on February 12th.  Those who claim Earned Income Credit and possibly additional child tax credit should not expect refunds until March. Most other filers can expect a refund within 21 days of e-filing AND the IRS strongly encourages using e-file and direct deposit. Here [...]

6 01, 2021

Earned Income Tax Credit – Changes for your 2020 filing

2021-01-06T14:57:04-07:00January 6th, 2021|Tax, Tax Season|Comments Off on Earned Income Tax Credit – Changes for your 2020 filing

Due to the COVID-19 pandemic there is a change in the tax filing law for 2020 filings.  If you qualify for the Earned Income Tax Credit, you will have the option to use 2019 or 2020 income. With many Americans having reduced income in 2020, their EITC could be significantly reduced.  By using a tax [...]

6 01, 2021

Find out the status of your Stimulus Checks

2021-01-06T11:27:53-07:00January 6th, 2021|Tax, Tax Season|Comments Off on Find out the status of your Stimulus Checks

  The IRS has the website up and running to check both your first and 2nd stimulus payments.  This may be particularly helpful when filing your 2020 taxes AND you cannot locate your NOTICE 1444 - the letter signed by Trump.  When filing your 2020 taxes, you will have the opportunity to reconcile the stimulus [...]

12 11, 2020

How to start your journey toward financial independence

2020-11-12T11:39:01-07:00November 12th, 2020|Uncategorized|Comments Off on How to start your journey toward financial independence

Are you looking to become financially independent soon?Regardless of what state your finances are currently in or how your career has been progressing, true financial freedom is something that appeals to all of us. Who wouldn’t want the ability to choose when and where you work rather than being forced to work out of need?Retirement [...]

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