On March 11, 2021, the American Rescue Plan Act became law, and this $1.9 trillion relief package has several components that put money right into the hands of Americans. Wondering how the newest stimulus plan might benefit you and your family? Check out the details below. Direct $1400 Stimulus Payments The plan includes a ... Read More
IRS People First Initiative: Helping Struggling Taxpayers Details
As efforts to flatten the contagion curve of coronavirus close businesses and schools across the country, many people are watching their paychecks disappear, their investments fall, and their sense of security slip away. The IRS is aware of the intense effect the coronavirus is having on families, and to help; the agency has ... Read More
Do My Own Taxes or Pay a Professional? How to Choose
Should you do your own tax return or pay a professional to help you? The answer varies for everyone. If you have an easy tax situation, you can save money by handling your own return, but in other cases, a professional is well worth the investment because they can help reduce your tax liability, increase your refund, or save you ... Read More
Guide to Avoid Owing Taxes on 1099 Income
If you've recently landed a gig driving for Uber, walking dogs for Rover, shopping for Instacart, or doing odd jobs on TaskRabbit, you need to be aware that this extra 1099 income may generate a tax bill. Similarly, if you work as a freelancer, ranch hand, doctor, dentist, veterinarian, lawyer, accountant, hairdresser, ... Read More
Private Collection Agencies to Now Handle IRS Direct Debit Payment Plans
Which Collection Agencies Can Accept Direct Debits? At the time of writing, the IRS only works with four collection agencies: CBE, Performant, Pioneer, and ConServe. If a bill collector from any other agency calls you about a taxes owed, do not provide them with any personal details or banking information. Instead, contact the ... Read More
Why Are Tax Refunds Lower This Year? Spoiler Alert: Most People Actually Owe Less Tax
Why is my tax refund smaller than last year? On social media, thousands of users are posting this question, and their concerns are well-founded — tax refunds for the 2018 tax year are smaller than tax refunds from previous years. According to some sources, average refunds have dropped 8.7% from $2,135 to $1,949, and about a ... Read More
The Final Tax Bill Reduces the Estate Tax
If you're worried about the estate tax, the recent or final tax bill reduces the estate tax. The estate tax exemption has been doubled, helping thousands of American families to avoid this tax. Here's a look at what's changing and what's staying the same. The New Estate Tax Exemption Under the old rules, individual taxpayers ... Read More
Do I Need to File Taxes? Minimum Income Required for Filing
Tax returns for 2017 are due on Tuesday, April 17, 2018. Do you need to file a tax return? It depends on your income, age, filing status, and a few other factors. Generally, if you earned more than the standard deduction plus one exemption, you need to file, but here are the specifics. Need to File a Tax Return If you are in ... Read More
Cryptocurrency and the IRS: What You Need to Know
With the price increases of nearly 500 percent in 2017, bitcoin has recently caught the eyes of a lot of investors and speculators, but the IRS has had its eyes on bitcoin for years now. If you use bitcoin or other cryptocurrencies for your business, you have to report the transactions, and in some cases, you may also need to ... Read More
