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, …
Tax Central
It’s Official! Another Round Of Stimulus Payments Approved By Congress
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 …
It’s Official! Another Round Of Stimulus Payments Approved By CongressRead More
Is There a Tax Deduction Working From Home?
“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 …
Collection of Easy-to-Use Tax Calculators for Personal Finance and more
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 …
Collection of Easy-to-Use Tax Calculators for Personal Finance and moreRead More
Video: Can I Get a Tax Deduction for a Home Office?
With so many people working at home this year, we’ve received lots of questions about the possibility of receiving a tax deduction for a home office. Because of the pandemic, many have been forced to work from home for the past year. People want to know if they qualify for a tax deduction because they …
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Beginners Guide to Figuring Out Your Tax Filing Status
Understanding tax filing status can be confusing. This article can help clear up any questions you may have about your tax filing status. Filing status is determined on the last day of the year and most often is based on marital status. The two most common tax filing status: Single Unmarried individuals without dependents. Married …
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Analyzing Overtime Costs: A Strategic Step for HR
Analyzing overtime costs can be an important strategic step in determining when to hire new workers and improve efficiency in operations, labor costs and productivity. Overtime vs. More Hires An important strategy for making hiring decisions is looking closely at the costs of overtime compared with the costs of hiring additional employees. Those costs will …
Special Rules Apply to 2020 EITC and Child Credit
2020 EITC and Child Credit must now follow special rules. Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) will be adversely affected. Since the credits, are based in part on …
Tax Consequences of Crowdfunding
If you’ve ever had concerns about the tax consequences of crowdfunding – you are not alone. Raising money through Internet crowdfunding sites like GoFundMe, Kickstarter, Patreon or Indiegogo often prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees generally ranging from 5 to 9%. Each site …
