2020 – 11/10

2020 – 11/10

Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet. The IRS is urging eligible self-supporting college students who don’t need to file a tax return to register by Nov. 21 so they can receive a payment by year end....
2020 – 11/03

2020 – 11/03

Certain recipients of Economic Impact Payments (EIPs) may be eligible for extra money. Federal beneficiaries who received an EIP but didn’t register for a $500 supplemental payment per qualifying child may still sign up before 3 p.m. Eastern, Nov. 21, 2020, using the...
2020 – 10/26

2020 – 10/26

Time’s almost up to receive an Economic Impact Payment (EIP). Eligible taxpayers must register by Nov. 21. To encourage people to be ahead of the deadline, the IRS has set Nov. 10 as “National EIP Registration Day,” promoting EIP information in 35 languages. These...
2020 – 10/15

2020 – 10/15

The Social Security (SS) wage base increases to $142,800 for 2021, up from $137,700. Wages and self-employment income above this threshold aren’t subject to SS tax. The Federal Insurance Contributions Act (FICA) imposes SS tax and a Medicare tax on employees,...
2020 – 10/13

2020 – 10/13

People who owe unpaid taxes now have a new, easier way to make payments. As of Oct. 2020, the IRS has added Quick Response (QR) barcode technology to certain notices (Notices CP14 and CP14 IA) sent to 8 million taxpayers who owe taxes each year. They can now scan a QR...
What tax records can you throw away?

What tax records can you throw away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which...
2020 – 09/29

2020 – 09/29

New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser...