IRS reminds farmers and fishers of March 1 tax deadline

The Internal Revenue Service is reminding those with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1. This rule generally applies if farming or fishing income was at least two-thirds of the [...]

By |2021-02-20T16:51:50-08:00February 23rd, 2021|Finance|Comments Off on IRS reminds farmers and fishers of March 1 tax deadline

Get ready for tax season using IRS Online Account

The Internal Revenue Service reminds taxpayers they can securely access their IRS account information through their individual online account. New Features The IRS regularly adds features to online account. For example, people can now check the amounts of their Economic Impact Payments (EIPs) to help them accurately calculate any Recovery [...]

By |2021-02-13T11:32:33-08:00February 16th, 2021|Finance|Comments Off on Get ready for tax season using IRS Online Account

Educators: deduct out-of-pocket expenses for COVID-19 protective items

Good news: the IRS says eligible educators can now deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer; disposable gloves; tape, paint, or [...]

By |2021-02-06T12:05:31-08:00February 9th, 2021|Finance|Comments Off on Educators: deduct out-of-pocket expenses for COVID-19 protective items

IRS updates FAQs on paid sick leave credit and family leave credit

The Internal Revenue Service posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs. The [...]

By |2021-01-30T14:35:52-08:00February 2nd, 2021|Finance|Comments Off on IRS updates FAQs on paid sick leave credit and family leave credit

Super Bowl consumer spending down — fans staying home, watching less

Where will you be for the Super Bowl on Feb. 7 when the Kansas City Chiefs face off against the Tampa Bay Buccaneers for Super Bowl 55? Most will be home. Numerator, a data and tech company serving the market research space, launched a consumer sentiment study to understand how [...]

By |2021-01-27T18:42:03-08:00January 28th, 2021|Finance|Comments Off on Super Bowl consumer spending down — fans staying home, watching less

IRS: taxpayers gather tax docs now for smooth filing later

The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or [...]

By |2021-01-23T16:21:04-08:00January 26th, 2021|Finance|Comments Off on IRS: taxpayers gather tax docs now for smooth filing later

Here is when you should you check your FICO scores

Did you know certain credit-based applications need more preparation than others? Knowing how soon to check your FICO Scores in advance of an application puts you in the best position to get approved. Not only that, you can better estimate the terms you'll get approved for. If you're planning to [...]

By |2021-01-20T19:05:04-08:00January 21st, 2021|Finance|Comments Off on Here is when you should you check your FICO scores

IRS Free File available; claim recovery rebate credit, other tax credits

IRS Free File – online tax preparation products available at no charge – launched recently, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced. Leading tax software providers make their online products available for free as part of [...]

By |2021-01-16T15:48:49-08:00January 19th, 2021|Finance|Comments Off on IRS Free File available; claim recovery rebate credit, other tax credits

Feb.1 deadline for employers to issue and file wage statements

Employers must file Form W-2 and other wage statements by Monday, Feb. 1, 2021. This is also the date Form W-2s are due to employees. By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the [...]

By |2021-01-09T16:51:58-08:00January 12th, 2021|Finance|Comments Off on Feb.1 deadline for employers to issue and file wage statements

New things taxpayers should consider when filing taxes in 2021

When people get ready to file their federal tax returns there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive. Here are some new key things people should consider [...]

By |2021-01-02T15:17:34-08:00January 5th, 2021|Finance|Comments Off on New things taxpayers should consider when filing taxes in 2021
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