Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Traditionally, taxpayers who need assistance during the tax season can find programs that fit their needs. Unfortunately, due to COVID, 2021 already looks challenging. But don’t lose hope: help is still available. VITA and TCE The IRS isn’t ruling out opening Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites but…
Chances are that you’ve already received notification about your second round of stimulus checks: this batch of checks is being issued much more quickly than the first round from 2020. The second round of checks is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, signed into law by President Trump at…
I’ve been asked a lot recently about section 230 – a phrase that’s been tossed around a lot with respect to stimulus checks. Section 230 isn’t a tax provision (in fact, there isn’t even a section 230 in the Tax Code): it’s actually a telecommunications law. And I’m not a tech or intellectual property lawyer:…
The Internal Revenue Service (IRS) is emphasizing that no action is required by eligible taxpayers for the second round of Economic Impact Payments (EIPs, or stimulus checks). As noted earlier, initial direct deposit payments began arriving as early as last night for some and will continue into next week. Paper checks will begin to be mailed on…
Congress may still be debating the size of additional checks, but Treasury is already taking action to deliver a second round of Economic Impact Payments (EIPs, or stimulus checks). This second round of checks is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, passed by Congress last week and signed into…
Earlier this week, the President suggested that he might not sign the stimulus package/spending bill (you can read about what happened – and what it meant – here). However, tonight, the President did sign the bill into law. The bill would do a few things, including: Issue stimulus checks of $600 per person; Extend unemployment…
2020 is nearly done. Whether you’re an individual concerned about how a new president and recovering economy will impact you, or you need to find some last-minute tax deductions, there’s plenty to be thinking about as the new year ticks over. Preparing for end-of-year taxes, estate planning, and maximizing tax deductions On this week’s episode,…
(Author’s Note: The bill passed in the House and Senate on December 21, 2020, after this piece originally appeared.) Congress has finally agreed on a COVID relief package. It is the first significant stimulus action from Congress since the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act was signed into law in…
The Internal Revenue Service (IRS) is reminding taxpayers about a temporary tax break that will allow more people to deduct up to $300 in donations to qualifying charities this year. Taxpayers who make cash donations of up to $300 before December 31, 2020, are now eligible for a charitable deduction when they file in 2021…
The Internal Revenue Service (IRS) has issued final regulations relating to section 1031 like-kind exchanges. 1031 Like-Kind Requirements We call them 1031 like-kind exchanges because the rules are found at section 1031 of the Tax Code (clever, I know). The provision allows you to defer tax on gain if – and it’s a big if…
