Every Friday evening, my husband’s college friends have a Zoom happy hour: it’s practicing social distancing and being social at the same time. The conversations have been dominated, of late, by the COVID-19 pandemic and how it’s affecting our families. One popular gripe? College tuition and room and board. During the pandemic, students are being…
The Internal Revenue Service continues to roll out processing for most federal income tax returns. The IRS announced this week that taxpayers can begin filing federal income tax returns with depreciation and education forms this week. On Sunday, February 10, the IRS will accept tax returns which include federal form 4562, Depreciation and Amortization, and…
With just a few days left before tax season officially opens on January 30, the Internal Revenue Service has announced that there will be a slight delay in processing individual tax returns claiming education credits. Those returns will begin to be processed by the middle of February. Specifically, those taxpayers who are affected are those…
Well, color me surprised. The House voted on the budget after all, and they voted up or down, rather than amending the Senate bill. The House voted “Yea” and they did so quite convincingly (257 YEA to 167 NAY). Here’s what the bill does: Income tax The tax cuts were extended – permanently – for…
After the first (and only) Vice Presidential debate, I noted that two minutes wasn’t a lot of time to talk about taxes. It is, as I said, what makes debates both fun and frustrating. The vice presidential debate did not disappoint on that scale. Following the debate, the talk was partly about Sen. Ryan’s surprising…
I’ll be the first to admit that the Tax Code is filled with crazy acronyms – like FBAR, EITC, and AGI – and convoluted titles (my current favorite is “IRS Facilitated Self-Assistance”). In fact, the Tax Code and the IRS tend to be painfully over descriptive when naming credits, deductions, and the like. What you…
As the debate over extending those Bush tax cuts continues, another tax break is slipping away… The Making Work Pay Credit, in place for the 2009 and 2010 tax years, is likely to not be extended to 2011 or beyond. Tax preparers (and tax software manufacturers) are likely breathing a sigh of relief. The tax…
I got a glimpse of the 2011 budget proposal on the news last night. It’s big. As in big thick book big. And I will admit to not having read all 192 pages yet. But I’m making progress. You can download the whole thing at once – or in little bits (as I have done)…
