Tax News

Tax Deductions for Charity Volunteers: What You Need to Know If you volunteered for a charity or governmental organization, especially during the COVID-19 pandemic, you may qualify for some tax deductions. While the IRS doesn’t allow you to deduct the value of the time you donate, certain expenses you incur…

You have until 8/31/2020 to take advantage of the suspension of Required Minimum Distributions (RMDs) from retirement accounts. Learn more in this video. 

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…

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…