July 15 is still Tax Day (for now), but Form 4868 Oct. 15 extension still available
We're less than two months from Tax Day 2020, which was pushed to July 15 due to the coronavirus pandemic. Or are we? There's been some talk and a few actual reports in the media that the White House is contemplating pushing the tax deadline back again, possibly to Sept. 15 or…
COVID-19 economic relief debit cards are in the mail
Americans are plastic addicts. I'm not just talking packaging. We depend on plastic payments, aka credit and debit cards. That financial transaction method has made its way into the COVID-19 economic impact payment (EIP) distribution. This week, the Internal Revenue Service began sending debit cards loaded with coronavirus payment amounts…
Some taxpayers due a refund and COVID relief money haven’t gotten either
All tax eyes nowadays are on coronavirus relief measures, both the Coronavirus Aid, Relief and Economic Security (CARES) Act that became law in late March and The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act that passed that passed House on Friday (May 15), but isn't expected move, at least not quickly, through…
Expanded tax help in covering child care costs during coronavirus closure rules
Earlier this year as the coronavirus was surreptitiously infecting Americans, lots of parents were going about their usual business, which included making summer plans for their children. They knew that they needed to get applications to day camps well before school was out so their youngsters would be entertained and…
Homeowner’s insurance is sort of tax deductible in some home office instances
Property protection costs: If you have a mortgage, your bank will require you to insure your home in case something terrible happens. Since your financial institution actually owns your home even though you're making monthly payments, it wants some guarantee that the structure isn't rendered worthless in case it's severely damaged…
May 13 at noon is deadline to give IRS info for direct deposit of COVID-19 money
More than 130 million COVID-19 economic impact payments have been delivered, according to the Internal Revenue Service. That means the tax agency is nearing the end of its distribution of the money that is intended to help folks cover a few of the costs they've incurred due to the impact…
Sharing mom’s love with good causes on Mother’s Day
It's Mother's Day 2020. This holiday, first celebrated regionally in 1908 before going nationwide six years later, usually means that children spend the day with their moms. Such closeness, however, has been happening every day for weeks for many families. Moms and dads and children and sometimes extended family members have hunkered…
IRS ‘People First’ COVID-19 effort eases collections, audits
You've been sheltering in place. You've applied for unemployment benefits. You're alternately checking your bank account and the Internal Revenue Service's Get My Payment online search tool (good luck!) for your COVID-19 economic relief payment. And then there are your taxes. Added COVID-19 tax considerations: Like just about everything during this global pandemic, taxes…
EITC filers have more time to answer claim questions
When your job doesn't pay much, the Earned Income Tax Credit (EITC) can be a big help. This tax break for lower- and middle-income workers has been a part of the tax code since 1975's Tax Reduction Act. It was a logical extension of the 1960s-era War on Poverty, creating a…
No bank account? Prepare to wait for COVID-19 cash
More than 80 million stimulus checks went out last week, mostly to people who filed federal 2018 or 2019 returns and had the Internal Revenue Service directly deposit those tax years' refunds. Millions more have been anxiously checking the IRS' Get My Payment online tracking tool (guilty!) and/or their bank accounts (guilty…
