More security measures urged as fraudsters exploit COVID-19 concerns

The Internal Revenue Service, state tax agencies, and the nation's tax industry said the 5th Annual National Tax Security Awareness Week will take place between Nov. 30 and Dec. 4, 2020. This year, there's a heightened need for security as fraudsters seek to use the COVID-19 to scam taxpayers and [...]

By |2020-11-21T17:42:30-08:00November 24th, 2020|Finance|Comments Off on More security measures urged as fraudsters exploit COVID-19 concerns

How the CARES Act changes deducting charitable contributions

Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid, or another cause that's personally meaningful to them, their charitable donations may be tax-deductible. These deductions basically reduce the amount of their taxable income. Here's How the CARES Act Changes Deducting Charitable Contributions Made in 2020: Previously, charitable contributions could [...]

By |2020-11-14T16:55:14-08:00November 17th, 2020|Finance|Comments Off on How the CARES Act changes deducting charitable contributions

Best cities for veterans and military money survey

With Veterans Day on the minds of many this month and the COVID-19 pandemic leading to an increase in veteran unemployment, the personal-finance website WalletHub recently released its report on 2020’s Best & Worst Places for Veterans to Live. The report compares the 100 largest U.S. cities across 20 key [...]

By |2020-11-11T12:12:31-08:00November 12th, 2020|Finance|Comments Off on Best cities for veterans and military money survey

Income ranges for determining IRA eligibility change for 2021

The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2021 in Notice 2020-79 PDF, posted on IRS.gov. Highlights of Changes for 2021 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to [...]

By |2020-10-30T14:11:27-08:00November 3rd, 2020|Finance|Comments Off on Income ranges for determining IRA eligibility change for 2021

Report: California is state with the 17th highest credit score

The worldwide pandemic continues to draw havoc for many people whether it's travel, finances, or paying rent. And because the COVID-19 pandemic is causing many people to borrow more or fall behind on payments, the personal-finance website WalletHub analyzed the average credit scores of residents in all 50 states and [...]

By |2020-10-28T16:20:30-08:00October 29th, 2020|Finance|Comments Off on Report: California is state with the 17th highest credit score

Tax professionals should renew PTINs now for 2021

The Internal Revenue Service reminds the nation's more than 780,000 active tax return preparers to start the upcoming 2021 filing season smoothly by renewing their Preparer Tax Identification Numbers (PTINs) now. All current PTINs will expire Dec. 31, 2020. "Large segments of the taxpaying public rely on tax return preparers [...]

By |2020-10-24T13:31:08-08:00October 27th, 2020|Finance|Comments Off on Tax professionals should renew PTINs now for 2021

IRS adds QR technology to key balance due notices to help taxpayers

Here are some helpful tips and information from the Internal Revenue Service in terms of the latest state-of-the-art technology it is using when it comes to communicating with taxpayers. For example, did you know, for the first time, the IRS has added barcode technology to notices it sends out to [...]

By |2020-10-17T14:24:14-08:00October 20th, 2020|Finance|Comments Off on IRS adds QR technology to key balance due notices to help taxpayers

IRS: check tax withholdings now as last quarter of 2020 starts

The Internal Revenue Service says now is the perfect time for taxpayers to review their tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take-home pay or allow taxpayers to pay more in the last quarter of 2020 to [...]

By |2020-10-10T11:23:10-08:00October 13th, 2020|Finance|Comments Off on IRS: check tax withholdings now as last quarter of 2020 starts

Taxpayers should know and understand their correct filing status

Tax season may have passed for most but taxpayers in general still need to know their correct filing status and be familiar with each option. Single or Married Generally, the taxpayer's filing status depends on whether they are single or married on Dec. 31 and that determines their status for [...]

By |2020-10-03T17:53:47-08:00October 6th, 2020|Finance|Comments Off on Taxpayers should know and understand their correct filing status

Cities whose August unemployment rates are bouncing back most

The employment market continued to recover in August, as the latest jobs report shows that the national unemployment rate has fallen to 8.4%, which is 43% below the peak of 14.7% during the height of the COVID-19 pandemic. According to WalletHub's recently released report on the Cities Whose August Unemployment [...]

By |2020-09-30T16:24:35-08:00October 1st, 2020|Finance|Comments Off on Cities whose August unemployment rates are bouncing back most
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