Taxes

Article Highlights: IP PIN Identity Verification Opt-in Program Application Process : In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to as identity protection (IP)

Article Highlights: Economic Impact Payments Unemployment Compensation Minimum Wage Education Assistance Families First Coronavirus Response Act Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Healthcare Coverage Evictions & Foreclosures Homelessness President Biden released his “American Rescue Plan” on January 14. It is

As if 2020 wasn’t challenging enough, this season’s tax-filing is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free

Your credit score is one of those mysterious statistics that you hear people talk about, but don’t really pay much attention to until you actually need it. That’s when you find out that you’ve been creating a credit history for as long as you’ve been

Article Highlights: Paycheck Protection Program Eligible Entities Loan Terms Loan Forgiveness Forgiveness Reduction Simplified Loan Forgiveness Deductibility of Expenses Funds Availability Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a second draw of forgivable Paycheck

Article Highlights: Charitable Contributions for Non-Itemizers Penalties for Contribution Overstatement Cash Contributions for Itemizers Substantiation Requirements As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for

Article Highlights: Business Meals Under TCJA 100% Deduction for 2021 and 2022 Qualifications If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it did retain a deduction for business

Highlights: Standard Mileage Rates for 2021 Business, Charitable, Medical and Moving Rates Important Considerations for 2021 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS), each year, computes standard mileage

Article Highlights: Historically Low Interest Rates Purchase Costs Points Mortgage Payments Refinancing Property Taxes Inflation Gain Exclusion Renting Versus Owning Worksheet to Analyze Costs Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with

Article Highlights Additional 2020 Recovery Rebates Paycheck Protection Program (PPP) Loans & Small Business Support Clarification of Tax Treatment of Covered Loan Forgiveness Expenses Business Meals Educator Expense Unemployment Assistance Earned Income Tax Credit (Eitc) & Child Tax Credit (CTC) Cash Charitable Contributions for Non-Itemizers