Crazy tax deductions: When they don’t – and do! – work
You're working on your tax return and discover that you are that close to shaving a few more dollars off what you owe Uncle Sam. Many in this situation are tempted to get creative. Don't. The Internal Revenue Service has seen it all. OK, most of it. The bottom line is that…
Applying for a tax payment plan
Are you one of those folks who's worrying about how you'll pay your tax bill on July 15? If it's an amount that you just can't come up with or cover with a credit card, look into paying off Uncle Sam over time. The Internal Revenue Service offers a couple of ways…
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 4868 to get until Oct. 15 to submit your actual…
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 stimulus money, the Senate and White House are dragging their heels. Not quite the max: Democrats, in…
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 required retirement account withdrawals they…
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 coronavirus economic impact payments (EIPs), which were authorized in late March as…
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 every aspect of life, tax preparers aren't perfect. Specifically,…
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 starting to open, albeit…
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 millions every filing…
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 July 15,…
