Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the...
The Third Stimulus Checks are Here
WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit,...
What’s the Recovery Rebate Credit?
There's a new tax credit showing up on the Form 1040 this year: The Recovery Rebate Credit. If you didn't get a stimulus check – or you only got a partial check – then you certainly want to make sure you check out the credit before you file your 2020 tax return. How...
How Your Third Stimulus Check Will Differ From the First Two Payments
A third stimulus check can't arrive soon enough for people who are struggling financially. But even though we're oh so close to seeing that happen, we're not quite there yet. On Saturday, the Senate passed President Biden's American Rescue Plan, which authorizes a...
Will Your Stimulus Check Increase Your Tax on Social Security Benefits?
We've had two rounds of stimulus checks so far – and another round is right around the corner. It's nice getting unexpected money, and for some people it's a life saver. Whatever your situation, we hope you're able to put the money to good use. Third Stimulus Check...
IRS Extends April 15 and Other Tax Deadlines for Texas and Oklahoma Residents
Victims of February's winter storms in Texas and Oklahoma can wait until June 15, 2021, to file their 2020 federal income tax return. This announcement from the IRS follows a disaster area declaration from the Federal Emergency Management Agency (FEMA) for...
IRS mails 260,000 failure-to-file notices, but admits many likely are wrong
What's worse than getting an Internal Revenue Service notice? Getting a wrong IRS notice. That just happened to potentially more than a quarter million taxpayers. The IRS last week acknowledged that it sent approximately 260,000 taxpayers notices that they had failed...
States with No Estate Taxes or Inheritance Taxes
New Mexico Getty Images Overall Rating for Taxes on Retirees: Not tax-friendly. Sales Tax: 5.125% state levy. Localities can add as much as 4.313%, and the average combined rate is 7.83%, according to the Tax Foundation. New Mexico's tax is a gross receipts...
Can You Claim the Home Office Deduction on Your 2020 Tax Return?
People working from home because of the pandemic are wondering if they can get a tax deduction out of it. It depends on your employment status. Like millions of other Americans, you may have worked from home a lot last year because the coronavirus closed your office....
When Can You File Your Taxes This Year?
The sooner you file your tax return, the sooner you'll receive any refund due (and, this year, you might also boost your next stimulus check). That's why some people like to file their return as early as possible. But this year, the IRS won't start accepting 2020 tax...
Tax deductions, no itemizing required, on Schedule 1
I've always done my taxes. When the hubby and I married, I continued this annual task, now filing our joint return. The only change is that every tax season the hubby periodically peers over my shoulder as I work on our return and chants, "Deduct! Deduct! Deduct!"...
Scammers target tax preparers in new EFIN phishing email
The Internal Revenue Service won't start accepting and processing 2020 tax returns until Feb. 12. Tax professionals, however, have been working of their clients returns since the new year arrived. That means tax criminals also doing their so-called jobs. The...
Save on Child Care Costs
The high price of child care is all too familiar to my family. The monthly cost of care for our toddler usually tops $1,000 and is second only to our mortgage payment. More than 70% of parents spend at least 10% of their income on child care, and more than half spend...
Teachers Can Deduct COVID-Prevention Supplies on Their Returns
Teachers and other educators can now deduct out-of-pocket expenses for "COVID-19 protective items" on their tax return, thanks to the COVID-Related Tax Relief Act that was passed in December. And the IRS has just issued guidance to help educators determine what is or...
President Biden’s Tax Plans for the Next Few Years
With control of both the House and Senate in Democratic hands, President Biden will be able to get more of his tax agenda through Congress. Here's what could happen in the next four years. by: Andre Falls January 25, 2021 President Joe Biden's tax plans were laid out...
When Can You File Your Taxes This Year?
If you're an early bird when it comes to filing your tax return, you'll have to wait a little longer this year before the IRS will accept your return. The sooner you file your tax return, the sooner you'll receive any refund due. But this year you'll have to wait a...
$1,400 per person, is in Biden’s COVID relief plan
Soon after Joseph R. Biden trades in his former Vice President honorific for President on Jan. 20, the now-Democratic led Congress will take up the 46th Commander in Chief's COVID-19 relief plan. Millions of Americans, even those who didn't vote for Biden and VP-Elect...
Tax statements you need to file your 2020 return
This is just one of the documents that millions of taxpayers are awaiting so they can file their returns. In addition to tax-related home transactions, the various documents that are or soon will be on their way include documents detailing income, be it from wages,...
Ways the Biden Stimulus Package puts Money in Your Pocket
For Americans struggling financially because of the COVID-19 pandemic, President-elect Joe Biden's economic stimulus package would provide welcome relief. On Thursday, Biden released details on his "American Rescue Plan," which is a $1.9 trillion plan designed to...
Third Stimulus Check Update: Biden Calls for $1,400 Payments as Part of $1.9 Trillion Relief Package
Under Biden's plan for a third stimulus check, the $600 second-round stimulus checks would be increased to $2,000. January 14, 2021 A third stimulus check of $1,400 – that's what President-elect Joe Biden is calling for in his $1.9 economic stimulus plan. This, when...
Social Security Recipients Need to Know About Their Second Stimulus Check
Trying to track down answers to all your second stimulus check questions can make anyone's head spin. This is especially true for Social Security recipients, because there are several special rules that only apply to them. But don't worry — we've got you...
