Here are several new tax rule 2020 passed this year to consider as you start planning your tax obligation. Make up to $300 of charitable contributions. For the new tax rule 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can…
The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working with banks and other lending institutions in the midst of tighter lending requirements and a…
Small business owners, self-employed workers and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new…
Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the estate tax….
Your tax bill is now due and you may be considering paying the bill with your credit card. Is this a good idea? How does it work? Here is what you need to know The IRS has contracted with a few credit card merchants to offer credit cards as a method of payment. Why not?…
With the tax filing extension giving you until July 15th to file your return, it is easy to overlook ways to avoid receiving a letter from the IRS. Here are some of the most common tax filing mistakes: Forgetting a W-2 or 1099. The IRS does an effective job comparing W-2s and 1099s they receive…
The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working with banks and other lending institutions in the midst of tighter lending requirements and a…
Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as…
Not required to file. If you have not filed a tax return in either 2018 or 2019, using the non-filer tool or other tax filings methods is the only way to receive the payment. College students. If you are not a dependent on someone else’s tax return, you need to look into using the non-filer…
Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of…