From the tax tips Tag

RMD Repayment or Rollover Deadline – Did You Know?

The deadline to return or rollover a Required Minimum Distribution (RMD) for IRA owners, beneficiaries or workplace retirement plan participants is coming up on Monday, August 31. The CARES Act allows most taxpayers with […]

Charitable Cash Contribution Limits for 2020 – Did You Know?

As part of the U.S. Treasury’s ongoing COVID-19 (coronavirus) relief programs for taxpayers, the IRS has made temporary changes to the rules for deducting charitable contributions on federal tax returns. Normally, taxpayers who itemize […]

Tax Rules for Tuition Refunds and Section 529 Plans – Did You Know?

Many families and students may have received partial or complete refunds of school tuition and fees during the spring of 2020 as a result of the COVID-19 (coronavirus) pandemic. If you paid for these […]

Discarded or Lost COVID-19 Stimulus Prepaid Debit Cards – Did You Know?

In addition to direct deposits and paper checks, the IRS is sending some Coronavirus Economic Impact Payments (EIPs, also called stimulus payments) to eligible Americans by prepaid debit card. Because these debit cards are […]

Economic Impact Payments by Prepaid Debit Card – Did You Know?

As part of the U.S. Treasury’s ongoing effort to get COVID-19 Economic Impact Payments (EIPs, also called stimulus payments) to all eligible Americans, the IRS has begun sending payments by prepaid debit card in […]

Tracking Income and Expenses for “Gig” Work – Did You Know?

With working from home becoming more common in 2020, many people are taking on freelance or “gig” work to supplement their incomes. Whether you rely on gig work as your primary income source or […]

Refund Amounts – Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income […]

Effective vs. Marginal Tax Rates – Did You Know?

Do taxpayers belonging to the “22% tax bracket” actually pay federal income taxes equal to 22% of their earnings? The answer is no, and the explanation lies in the difference between marginal and effective […]

Reduce Fees & Penalties – Did You Know?

You should still file your taxes, even if you can’t pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to […]

2019 Available Above-the-Line Tax Deductions and Credits – Did You Know?

Even if you don’t itemize deductions, you may be eligible to claim multiple above-the-line deductions and/or tax credits on your 2019 federal tax return. Above-the-line deductions reduce your tax by lowering your taxable income. […]