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 […]
From the April, 2020
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. […]
Individuals who earn $75k or married individuals, filing jointly earning $150K or less as reflected by their adjusted gross income, qualify for the full stimulus payment. If you received a refund and provided your […]
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 […]
Tax Update RE: SBA Loans, Stimulus Payment & IRS Process We know it continues to be a challenging and constantly changing world at present. We’re doing our best stay abreast of new developments and […]
All or part of your refund may have been used (offset) to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal non-tax debts, such […]
The Following information is from the IRS Newswire Service – March 30, 2020. Economic impact payments: What you need to know No action needed by most people at this time IR-2020-61, March 30, 2020 […]
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 […]
The CARES (Coronavirus Aid, Relief, and Economic Security) Act of 2020 provides several important provisions that may assist as our clients navigate through the financial challenges presented by COVID-19. Here are the highlights. Small […]