Contribute to an IRA Before the May 17th Deadline
Taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions made to their Individual Retirement Account made through May 17, 2021.
Your Second Stimulus Check is in the Mail
On December 29th, the Internal Revenue Service and the Treasury Department announced that the second round of payments was on the way. For those who qualify, the payments are automatic and will be received either by direct deposit or paper checks.
The New IRS Tax Rates and Deductions for 2021
Amidst all the pandemic news and 2020 election drama, many might have missed that the IRS also quietly published new 2021 tax rates in late October and a there are plenty of changes that will impact taxpayers in 2021.
Miss the Tax Deadline? What to Do If You Forgot to File Your Taxes
If you owe Uncle Sam money, filing your tax return late (or never) can come with costly complications. Acting quickly will help keep the penalties and interest you may owe from getting out of hand.
IRS Offers Relief to Retirement Plan Participants
On June 19, 2020, the Internal Revenue Service announced new guidelines to help those affected by COVID-19 gain more access to retirement plan distributions and loans. The IRS makes it clear that employers can decide whether or not to implement these new rules.
Benefits of the CARES Act for Individuals
The Coronavirus Aid, Relief, and Economic Security act (CARES Act) is the largest economic bill in U.S. history. It was designed to “provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.”