7 ways to pay your tax bill due July 15
We're into the home stretch of the coronavirus extended 2020 tax season. That means that millions of taxpayers (or their tax preparers) are working on 2019 returns or extensions to finish up those 1040s. While you can send the Internal Revenue Service Form...
White House stimulus letter is an official IRS tax document you need to save
Congress might be working on another round of COVID-19 economic relief payment (EIPs). I say might because although the House in mid-May approved the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act and its provisions for even more...
IRS allows RMD reversal through Aug. 31
The last few months have been interesting for older individuals exploring ways to make the most of their retirement money. This demographic got some more, and mostly good, news again this week. The Internal Revenue Service has decided they now have more time to return...
Still waiting for your COVID payment? IRS has answers on what to do to get or track your money
The House-passed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act called for more a second round of COVID-19 stimulus checks. The Senate is starting to come around to the idea. But some folks are still waiting for their original...
TIGTA says IRS needs to get tougher delinquent tax pros
Tax professionals have always played an important role in the lives of taxpayers. Their value has been underscored during coronavirus tax time, with the many new COVID-19 tax laws. (Yes, I'm looking at you Paycheck Protection Program.) But, as with just about...
Summer day camp costs, even in coronavirus time, still eligible for a tax credit
For millions of families across the United States, the official end of the school year doesn't really mean much. The kids already have been home for weeks instead of in classrooms because of COVID-19 closures. But things may be about to change. Some day camps are...
Interest offers tax savings, costs and more forms
We're heading, finally, into the heart of tax return filing season 2020. Even if you fill out and submit your Form 1040 electronically, as most of us do, you still need the documents that provide the figures you transfer to your return. One area of interest to...
How Estimated Quarterly Taxes Work
Depending on the sort of work you do or how you’re paid, you might need to settle your tax bill via estimated quarterly taxes. Some tax rules have changed due to coronavirus As part of the U.S. government's ongoing response to the coronavirus, the tax deadline is now...
Taxpayer Advocate not taking coronavirus payment cases
Millions of folks — around 152 million of us, by the Internal Revenue Service's latest count — have received COVID-19 economic impact payments, or EIPs as they are called in the acronym crazy federal government (and tax) world. The payments of up to $1,200...
IRS to start accepting some e-filed amended returns
As long as I've been blogging about taxes, I've included in every post about correcting previous tax filings some version of this instruction — An amended return cannot be filed electronically. You must use snail mail, using the appropriate address shown in...
HSA contributions offer tax savings, but add to filing time
I've been rearranging some upcoming doctors' appoints that I made months ago, well before anyone had heard of COVID-19, much less watched as it overtook our lives. A couple were able to be conducted as teleconferences with my physicians. Some, however, require...
Remembering military families, too, on Memorial Day 2020
Memorial Day 2020 has an added poignancy. This solemn day to commemorate those who gave their lives in military service to the United States is overshadowed by the coronavirus. Almost 100,000 COVID-19 deaths have been recorded, with reporters often...
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,...
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...
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...
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...
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...
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...
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....
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...
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,...