Get ready for taxes: stay home and stay safe with IRS online tools

As the holiday season winds down it may be time to address taxes even though it's not as exciting. To help the Internal Revenue Service encourages taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021. These are some reminders to help taxpayers [...]

By |2020-12-26T11:39:03-08:00December 29th, 2020|Finance|Comments Off on Get ready for taxes: stay home and stay safe with IRS online tools

IRS: Volunteers needed for free tax prep help

As the pandemic rages on safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. [...]

By |2020-12-19T15:44:25-08:00December 22nd, 2020|Finance|Comments Off on IRS: Volunteers needed for free tax prep help

IRS offers more information about the SECURE Act of 2019

The Internal Revenue Service issued Notice 2020-86 PDF addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. Safe Harbor Plan A safe harbor 401(k) plan is similar to a traditional 401(k) [...]

By |2020-12-12T11:15:03-08:00December 15th, 2020|Finance|Comments Off on IRS offers more information about the SECURE Act of 2019

Deadline for Form W-2, other wage statements Feb. 1, 2021

The Internal Revenue Service is reminding employers they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud. A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, [...]

By |2020-12-05T11:15:35-08:00December 8th, 2020|Finance|Comments Off on Deadline for Form W-2, other wage statements Feb. 1, 2021

Steps to take now to make tax filing easier in 2021

It may seem too early but the Internal Revenue Service is encouraging taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. [...]

By |2020-11-28T14:07:00-08:00December 1st, 2020|Finance|Comments Off on Steps to take now to make tax filing easier in 2021

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
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