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 […]
From the 'Taxation' Category:
The ever-present threat of identity theft grows during tax season. To help taxpayers stay safe, the IRS recently offered suggestions to secure your personal data when preparing and filing your returns, and all year […]
The IRS warns everyone to watch out for scam phone calls, emails and text messages related to COVID-19 (coronavirus) tax relief programs during the spring of 2020. This new wave of phishing attempts and […]
Recipients of Veterans Affairs (VA) and/or Supplemental Security Income (SSI) benefits will automatically receive an Economic Impact Payment (EIP) from the IRS, even if they are not required to file federal income tax returns. […]
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 […]
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 […]