Individual tax return deadline moved to May 17 Congress' recent move to retroactively make a portion of 2020 unemployment income tax-free is creating havoc during this year's tax filing season. Here is what you need to know. Background Unemployment compensation was received by millions of Americans during 2020 because of the pandemic. While unemployment
For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may help your savings account, it is not always a great idea. Here's why. You are giving the IRS an interest-free loan. Granted, interest rates are pretty low, but every dollar you earn money
Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax. Tax-free interest. The federal government does not tax municipal bond interest. This includes bonds issued by a state or municipality. The tax-free benefit
Individual tax filing due date: May 17, 2021 (was April 15, 2021) Unemployment income: $10,200 per person not subject to federal tax (was taxable) A surprise tax break for 2020 was passed into law in March of 2021. This late, late, late law change is creating havoc within the system. So much so that
Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that are under age 17 Double check filing
One of the most valuable things you own is YOU. Your identity includes the basics - where you live, your age, and your gender. But it also includes your interests, who you know, and what you buy. So, do you know who has your identity? Here’s the life cycle of your identity and what
Here are some suggestions to help you master the art of documenting and organizing your business now and in the future. Document policies and procedures. Write down daily responsibilities, skills needed to complete tasks related to these responsibilities, and the location of all paper and electronic files. Appoint and cross-train backup staff to ensure these
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. Check to see if either federal or state taxes
Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place
The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you need to know. IP PIN program details The IRS's IP PIN program is an additional layer of security to ensure your tax identity and