Refunds for Nontaxable Unemployment Compensation
Posted on May 3rd, 2021
The IRS is automatically refunding money to eligible people who filed their tax returns reporting unemployment compensation before the recent changes made by the American Rescue Plan. Read More…
Tags: Tax Return, Unemployment
Highlights of the American Rescue Plan Act Information
Posted on April 4th, 2021
Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: Read More…
Tags: Coronavirus, COVID-19, Debt, Health Care, Loans, Tax Credits, Tax Law Changes, Unemployment
Unemployment Benefits Identity Theft Scam Alert
Posted on March 1st, 2021
During 2020, millions of taxpayers were impacted by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers who faced unemployment or reduced work hours applied for and received unemployment compensation from their state. As a reminder, unemployment benefits are taxable income and must be reported on tax returns. Read More…
Tags: Fraud, Tax Tips, Unemployment
It’s Never Too Early to Check Tax Withholding
Posted on September 6th, 2020
While it probably seem like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes operate as a pay-as-you-go system, taxpayers are required by law to pay most of their tax as income is received. Read More…
Tags: Coronavirus, COVID-19, Unemployment, Withholding
Recordkeeping Tips for Individuals and Businesses
Posted on September 4th, 2020
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Read More…
Tags: Bookkeeping, Record Keeping, Unemployment
COVID Job Loss Could Affect Your Tax Situation
Posted on May 4th, 2020
If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Read More…
Tags: Coronavirus, COVID-19, Unemployment