The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation. Here’s a tax checklist for newly married couples: Name and address changes Name. When a name changes through marriage, it is important [...]
Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date. Here’s what’s affected: Contributions to IRAs and health savings accounts People now automatically have until May 17, 2021, to make 2020 contributions to their: Individual retirement arrangements Health savings accounts [...]
The third Economic Impact Payment is different from the first and second payments in several ways. The third Economic Impact Payment is an advance payment of the 2021 recovery rebate credit. The two earlier payments are advance payments of the 2020 recovery rebate credit. Eligible people who didn't get a first and second Economic Impact [...]
As many of you already know, the tax season has been extended to May 17, 2021 this year due to changes mid-tax season and the changes affecting tax returns that have already been filed leaving the IRS and tax software companies to make those changes immediately but providing an additional month for preparers. First, Federal [...]
To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers who earned less than $150,000 [...]
The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for [...]
The Internal Revenue Service issued today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid or reimbursed under health flexible spending [...]
The IRS started issuing the third round of Economic Impact Payments. No action is needed by most taxpayers. The IRS will issue payments automatically by direct deposit and through the mail as a check or debit card. Many people will receive the third payment the same way they received the first and second Economic Impact [...]
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. Individual taxpayers can also postpone federal income tax [...]
The Internal Revenue Service notes that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement made through April 15, 2021. There is no longer a maximum age for making IRA contributions. An IRA is designed to enable employees and the self-employed [...]