Reasons Why Your Second Stimulus Check Might Be Delayed
The IRS started delivering second-round payments in December. If you're still waiting for your money, here's why your second stimulus check could be late (or never arrive). Did you get your second stimulus check yet? If the answer is "no," then you might be waiting a...
Revised tax deadlines
I'm feeling a bit like the Internal Revenue Service's appointments secretary, but this Friday, Jan. 15, is a date when many taxpayers need to take action. Yes, I'm talking about the fourth estimated tax payment due at the end of this week, but also about some final...
If you don’t get your COVID money by Jan. 15, you’ll have to claim it on your 2020 tax return
Have you received your $600 COVID-19 economic impact payment (EIP)? If not, then you're probably doing the same thing as Purcival Fairweather. You're checking, double checking and rechecking yet again your bank account to see if the coronavirus cash is finally...
Replacement direct deposit refunds
Misdirected direct deposits of COVID-19 economic relief payments are getting a lot of attention. They should. But this is not a new problem. Lost electronic tax refunds happen every filing season. What is new is the mechanism the Treasury Department established...
50 tax credits & tax deductions you can take in 2020
It’s tax season! While few people want to pay anything at all, there are ways to pay less. Tax deductions and tax credits can help you save money in tax season 2020. Deductions lower your taxable income (and reduces your tax burden), while tax credits are a...
State Tax Departments
Need information about the taxes in your state? The links below will take you to your state's tax department Web site. The date next to each link is the state's individual income tax filing deadline so you don't overlook this tax responsibility. Alabama, April 15...
January 2021 tax moves
Happy New Year! Oh, sorry. Was I typing too loud? I'm glad you were able to festively, and I hope safely, ring in 2021. Now that it's here, it also brings a new tax filing season. The Internal Revenue Service's delivery of the second round of COVID-19 relief...
10 tax moves in December 2020
It's December. 2020 and its craziness is almost over! Are you ready? Specifically, are you ready for the holidays? For those of us still committed to pandemic precautions, it's going to be a different, and yes, a bit less jolly, season. But one thing is the same as in...
Stop tax ID theft and apply for a special IRS ID number
Most of us agree that technology has enhanced our lives. It's simplified myriad daily tasks with just a voice command, touch of a device screen or stroke of a keyboard. It's also made things easier for crooks. Identity theft is a snap when criminals can electronically...
Standard Tax Deduction: 2020-2021 and When to Take It
The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household. In 2021 the...
Use Form 8915-E to report, repay COVID-related retirement account distributions
With the holidays here and no additional immediate COVID-19 economic relief payment in sight, some folks likely have or are considering tapping their retirement accounts. That option was made easier as part of the Coronavirus Aid, Relief, and Economic Security (CARES)...
Tax Penalties in 2021 by inflation
The NFL is pressing ahead this coronavirus-affected football season. There's been COVID-19 positive personnel and postponed games, but one thing remains the same in 2020. On-field officials are still "throwing flags. The Internal Revenue Service has its own...
Watch out for continuing COVID-19 tax (scams)
It's no surprise that bad people take advantage of bad situations. That's why as we continue to cope with COVID-19, pandemic-related scams — tax and otherwise — proliferate. The latest coronavirus tax scam arrives via a text message. COVID-19 text scam...
Working from home is an advantage that should be taxed, says report
Remote work has been among the many COVID-related challenges of 2020. Many employees have appreciated the added flexibility and no commute. Those who aren't that social say they've been more productive since they haven't had to spend time schmoozing with coworkers and...
IRS updates life expectancy tables that determine RMDs
If you've been saving for retirement, then you likely are as jazzed as I am about a provision of the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. This law, which took effect this year, gives all us owners of tax-deferred retirement...
Will the IRS be ready for the 2021 tax season?
2020, a year that many of us would just as soon forget, will end in just more than two months. This federal tax filing season, however, will continue for folks who've endured some of the notable natural disasters that have helped make 2020 so terrible. Last week, the...
Nov. 3 ballot initiatives/ Taxes
In addition to selecting who gets to go to, or stay in, Washington, D.C., voters across the country on Nov. 3 will decide on a variety of ballot measures. This coming Election Day, citizens in 32 states will decide the fate of 120 statewide initiatives. There also are...
Standard & itemized tax deductions for 2021
Tax year in and tax year out, most folks claim the standard deduction instead of itemizing. The option has always been appealing because it's easy. There are no receipts to save. Even better, the Internal Revenue Service provides the standard amount you can claim,...
Work from home pros, cons and home office tax tip
Not that calendars matter so much anymore to many of us — including me — who are still coronavirus quarantining. But time measurement and management are still important if you're working, or trying to, from home. States are in various degrees of reopening,...
Higher earners face more payroll taxes in 2021 as Social Security wage base goes to $142,800
The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits...
IRS provides tax relief for victims of September wildfires in California; Oct. 15 deadline, other dates extended to Jan. 15
WASHINGTON — Victims of the California wildfires that began on Sept. 4 now have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area...
