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 [...]
Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business. Here are some questions and answers [...]
IRS Tax Tip 2018-182 discusses the new child tax credit rules. Bottom line is that more people should get the full $2,000 credit per child as the income threshhold has increased to $200,000 single and $400,000 married filing jointly. There is a dependent credit of $500 per person that does not fall under the "child" [...]
IRS PUBLICATION: Issue Number: Tax Tip 2018-10 Inside This Issue Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents [...]
