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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
