I do not know about you, but my main goal in life right now is trying to buy my groceries without taking out a second mortgage on my house. In this noble pursuit I have tried a variety of methods to save: buy in bulk, only shop the sale, clearance items for produce or bakery items, food waste reduction apps,…
Category: Update
The Countdown is Over
Let me sum up
What We Know So Far
The American Rescue Plan Act of 2021 created a unique situation to benefit families who are working to recover from the economic impact of the COVID-19 Pandemic. As with all new programs, there are lots of questions; add in the complicated nature of our tax code and the only answer you will get is, it depends. Here are the highlights,…
An Update from the Front Lines
The IRS has a page they keep updated and I just found this update from last Friday. I know we have several clients who have found themselves in this situation. https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue Filed an Individual Tax Return (Form 1040) for tax year 2019 or tax year 2020, a Business Tax Return or an Amended Return (updated April 30, 2021) The IRS…
Pushing The Deadline
I am so glad the IRS has extended tax season! I truly mean it, no sarcasm here.
Stimulus Hullabaloo
Yes, we need to know about your stimulus payments… here is why
Rundown of New Provisions
Here is a quick rundown of the top 3 individual and business tax provisions in the COVID-Related Tax Relief Act of 2020 (part of the Consolidated Appropriations Act, 2021). Individual Provisions Economic Impact Payments – You may have already received a pending notification regarding your “second stimulus.” Please note, currently the law only allows $600 per taxpayer, spouse, and…
Executive What?
Now that Congress is out of session for their summer vacation, the President left some notes for his Cabinet before he, too, left the White House. Leaving all politics aside, let’s dive in to the notes that were passed after class. Click on the title to read each item directly on the White House website: Executive Order on Fighting the…
Have you seen the 2020 Federal W-4?!
Gone are the days of Single 0, now we have far fewer choices on an even bigger form. And how on earth do I claim exempt?!
Wrestling with Results
It has been a very interesting three weeks since the IRS opened the e-filing season. We are seeing varied results compared to last year and generally those results are less money coming back to clients as refunds. This causes a state of bewilderment and frustration to those who traditionally count on their refund for certain expenses. We understand that the…