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 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 [...]
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 [...]
2020 brings a change to the form used by employers to withhold your Federal taxes, form W-4. With the tax law changes of 2018, many found they were not withholding enough tax. This redesign should help with making sure you are having enough tax taken from your paycheck. Who should be concerned? For the most [...]
The SECURE Act is now in place - With Senate's passing and President Trump's signing, certain key law changes MAY IMPACT YOU RETIREMENT starting January 1, 2020. SECURE is an acronym for Setting Every Community Up For Retirement Enhancement. This is the biggest change to retirement legislation in 13 years. Those nearing retirement or in [...]
If you own mutual funds in a taxable account, you probably know about capital gains which get reported on your tax return. During tax season I always have a few clients that complain about having to pay tax on the capital gains when they didn't even sell the fund AND they lost money during the [...]
IRS Tax Tip 2019-145, October 17, 2019 There are two education credits that can help taxpayers with higher education costs: the American opportunity tax credit and the lifetime learning credit. There are several differences and some similarities between them. Taxpayers can claim both benefits on the same return, but not for the same student or same qualified expenses. Here's a [...]
All tax payers should do an annual paycheck checkup. By checking your withholding you are being proactive in assuring you are paying enough into the IRS. It is important to do your checkup as early as possible in the year. It is also important to do a checkup when any major life events happen, such [...]
