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 while longer to get…
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 tax year 2019 housekeeping. Specifically,…
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 there. But your obsessive bank badgering won't have to go…
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 at the end of 2020 to deal with errant Internal Revenue…
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 dollar-for-dollar reduction to…
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 Alaska, no state income tax Arizona, April…
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 money shouldn't hamper its handling of…
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 previous…
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 snag your personal and…
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 standard deduction is $12,550 for singles filers and married filing…
