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A friendly reminder for April 2021 Individual Due Dates. April 2021 Individual Due Dates April 12 – Report Tips to Employer Are you any employee who works for tips? If you received more than $20 in tips during March, you must report them to your employer. Do so on IRS Form 4070 no later than …
If you haven’t heard, the Child Care Tax Credit was extended through 2021. Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and dependent care tax credit has been substantially increased. Details …
Finally – some great news about unemployment benefits – the American Rescue Plan passed! This brings some relief for those who are unemployed. Watch this video for a summary of the expansion and changes to the unemployment benefits in 2021. Latest news about unemployment benefits and how it affects 2020 tax return Wondering how unemployment …
An increase in child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package will provide lower-income parents with substantial financial assistance and supports various other efforts to stimulate the economy. It’s known as the American Rescue Plan Act, and was passed by …
Are unemployment benefits taxable? As with many tax questions, the answer is “It depends”. With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the state’s weekly unemployment benefits. They added $600 per week to unemployment benefits through the end of July 2020. When this provision ran out, …
Another round of stimulus payments approved by congress? It’s true. The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic began disrupting the economy at …
“Do I get a tax deduction working from home”? It’s the biggest question we hear from almost everyone these days. Especially as many individuals have been forced to work from home due to the COVID pandemic. So do you qualify for a special tax deduction for using your home as a workplace? Let’s break it …
After literally thousands of income tax filings, we’ve come up with 7 personal finance tips for freelancers and gig workers. There is no question that freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s workforce reached …
Looking for tax calculators to help estimate your taxes, or determine your capital gains or losses? Or how about a calculator to help determine if your spouse should enter the work force? This section includes a library of over one hundred financial calculators. The calculators are easy-to-use and provide in-depth analysis for virtually any financial …
