Blog
2020 – 11/10
Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet. The IRS is urging eligible self-supporting college students who don’t need to file a tax return to register by Nov. 21 so they can receive a payment by year end....
2020 – 11/03
Certain recipients of Economic Impact Payments (EIPs) may be eligible for extra money. Federal beneficiaries who received an EIP but didn’t register for a $500 supplemental payment per qualifying child may still sign up before 3 p.m. Eastern, Nov. 21, 2020, using the...
2020 – 10/26
Time’s almost up to receive an Economic Impact Payment (EIP). Eligible taxpayers must register by Nov. 21. To encourage people to be ahead of the deadline, the IRS has set Nov. 10 as “National EIP Registration Day,” promoting EIP information in 35 languages. These...
Buying and selling mutual fund shares: Avoid these tax pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund...
2020 – 10/15
The Social Security (SS) wage base increases to $142,800 for 2021, up from $137,700. Wages and self-employment income above this threshold aren’t subject to SS tax. The Federal Insurance Contributions Act (FICA) imposes SS tax and a Medicare tax on employees,...
2020 – 10/13
People who owe unpaid taxes now have a new, easier way to make payments. As of Oct. 2020, the IRS has added Quick Response (QR) barcode technology to certain notices (Notices CP14 and CP14 IA) sent to 8 million taxpayers who owe taxes each year. They can now scan a QR...
What tax records can you throw away?
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which...
There may be relief from tax liability for “innocent spouses”
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due taxes. What’s “joint and several”...
Why it’s important to plan for income taxes as part of your estate plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be...
2020 – 09/29
New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser...