Tax News

Article Highlights: Notice 1444 You May Qualify for Additional Credit on the 2020 Return Tax Records The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that…

Article Highlights: 2020 Tax Saving Opportunities Traditional IRA to Roth IRA Conversions Paying the Conversions Tax Required Minimum Distribution (RMD) 2020 RMD Waiver Coordinating Distributions with 2020 Income As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional…

Article Highlights: Junk Mail Stimulus Payment Debit Card If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven’t already received your stimulus payment from the feds, maybe you shouldn’t be so quick to throw away those…

Article Highlights: Self-employed taxpayers Underreported income Unscrupulous tax preparers Phony deductions or credits Inflating the Earned Income Tax Credit Taking fake education credits Petty cheating Some refer to it as “creative accounting” or just “a little fudging here and there,” but if your tax return is missing some income that…

Washington (CNN)Lawmakers struck a $2 trillion stimulus deal early Wednesday that includes sending checks directly to individuals amid the coronavirus crisis — but it will likely take until at least May before the money goes out. Under the plan as it was being negotiated, single Americans would receive $1,200, married…

Filing and Payment Deadlines: Questions and Answers Navigating the complexities of tax filing and payment deadlines is crucial for both individuals and businesses. Meeting these deadlines ensures compliance with tax regulations and helps avoid unnecessary penalties. However, many taxpayers find these deadlines overwhelming due to their varying nature and the…

Tens of millions of Americans will get tax refunds when they file their 2019 tax returns, and given that the average one was over $2,800 last year, it’s understandable why people might want to get their money as quickly as possible. Unfortunately, you can’t simply file your tax return in…

The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)…