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 [...]
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 [...]
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 [...]
The IRS offers guidance on the Revenue Ruling now allowing PPP deductions. Read more directly from the IRS.
THE IRS AGAIN ANNOUNCES THAT THERE WILL BE DELAYS ON REFUNDS FOR THOSE WHO CLAIM THE EARNED INCOME CREDIT AND/OR ADDITIONAL CHILD TAX CREDIT. READ MORE DIRECTLY FROM THE IRS
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 [...]
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 [...]
Mark DiOrio, CFA, Chief Investment Officer at Brookstone Capital Management, shares his 3rd quarter market outlook on this quick zoom presentation. CLICK HERE Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Carla Merlak/Merlak Tax Advisory Group, Inc. are independent of each other. Insurance products and services [...]
The IRS published a notice stating the Notice 1444 that was mailed to you showing your Stimulus payment benefits is an important document to keep with your 2020 tax documents. This will be used to reconcile the amount you received AND especially important if you feel your payment was inaccurate. CLICK HERE to read the [...]
A strong force in the housing market: single women Jerry DuPaw of Guaranteed Rate shared a great article: READ FULL ARTICLE Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Carla Merlak/Merlak Tax Advisory Group, Inc. are independent of each other. Insurance products and services are not [...]
