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 Internal Revenue Service, state tax agencies and tax industry today announced that there's…
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…
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 isn't deductible under the new law. Would…
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 for all to…
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…
$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 Kamala Harris, are hoping it passes…
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, contract work or retirement accounts;…
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 "rescue the American economy and start beating the virus." (Next month he'll release his…
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 combined with the $600 second-round payments…
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 covered. We combed through the law and…
