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Many people are unaware that the unemployment benefits received from federal and state benefits are taxable, leading to a potentially unpleasant outcome on your 2020 tax return. Watch the video below to learn more.
Video: Do You Know That Unemployment Benefits Are Taxable?Read More
The Internal Revenue Service resurrected a form unused since the early 1980s. Form 1099-NEC (the NEC stands for non-employee compensation) is now back in use. This form is used to report non-employee compensation instead of the 1099-MISC. The 1099-MISC has been used since 1983 to report payments to contract workers and freelancers to the IRS. …
Are you paying too much interest on your home mortgage? Only you can be the judge of that – but right now, interest rates are at an all-time low. You may want to consider refinancing your existing home mortgage to take advantage of these super low rates. Especially if doing substantially reduces your monthly mortgage …
Need some tips for better budgeting? If you already have a budget, it’s probably been difficult for you to stick with it for the last several months. Unless you provide products and/or services that have been in great demand since the COVID-19 pandemic took hold, you’ve had to adjust your budget significantly. Better days are …
Did you know? Unemployment benefits are taxable! With the passage of the CARES Act stimulus package earlier this year, the federal government added $600 to the normal state weekly unemployment benefits. Also, the number of benefit weeks were increased to a total of 39. In many cases, workers are receiving unemployment benefits for the first …
If a foreclosure is in your future, you should be aware of certain tax issues. As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their home mortgage payments, the relief provides mortgage forbearance. Also this …
October’s extended due date is just around the corner. Due to COVID-19, the IRS postponed the original deadline for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing …
October’s Extended Due Date Is Approaching Quickly!Read More
Watch out for tax penalties! While most taxpayers don’t intentionally incur tax penalties, many who are penalized just aren’t aware of what those penalties are. Nor are they aware of the possible impact on their wallets. Watch this video to look at some of the more commonly encountered tax penalties and how to avoid them …
Is the Temporary Deferral of Employee Payroll Tax Worth It? At this time, there are still many questions… President Trump issued a Presidential Memorandum on August 8, 2020. This memorandum directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from Sept 1 …
Is the Temporary Deferral of Employee Payroll Tax Worth It?Read More
