According to Nerdwallet, families that are working and hit some requirements could pocket up to $18,000 as a tax credit, this is an example for a family with two children. It comes as families will receive an additional stimulus payment from July 15 under Joe Biden’s child tax credit expansion plans. When can families expect their payments?… [Read More]
Choosing the Right Corporation for Organizing Your Business [Infographics]
If you’re like most owners of growing firms, you might wonder about the best way to protect your personal assets and conduct your daily activities. For some businesses, forming a corporation is the best solution. Others benefit most from the creation of a Limited Liability Partnership.
Who’s Eligible for the Third Economic Impact Payment? [Infographics]
Generally, if you’re a U.S. citizen or U.S. resident alien, you are eligible for $1,400 ($2,800 for a joint return), plus $1,400 for each qualifying dependent, if you (and your spouse if filing a joint return) aren’t a dependent of another taxpayer on a 2020 tax return, have a valid Social Security number (SSN) (see exception… [Read More]
Unemployment Compensation Is Taxable
Tax Treatment of Unemployment Compensation The Internal Revenue Service (IRS) announced (IR-2021-71) on March 31, 2021 that it would 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. Please keep in mind that unemployment compensation… [Read More]
Remember Families Need to File a 2020 Tax Return in Order to Get the Child Tax Credit
The enhanced tax credit is part of the $1.9 trillion American Rescue Plan that President Joe Biden signed into law in March. This new benefit is available to children 17 and under in families with 2020 adjusted gross income less than $75,000 for single parents and $150,000 for a married couple filing jointly. The enhanced… [Read More]
Manage everything payroll in 3 easy steps [Infographics]
Built to simplify your busy life… Simple, quick and do from anywhere you have internet. Paying employees or contractors, filing tax forms and paying payroll tax is all done electronically with the tap on the screen or click of a mouse. Run payroll as often as you like – no extra charge!
Here are some do’s and don’ts for taxpayers who receive a letter or notice from the IRS [Infographics]
Each notice or letter contains a lot of valuable information, so it’s very important that you read it carefully. If the IRS changed your tax return, compare the information they provided in the notice or letter with the information in your original return, explained Daniel Ahart, chief tax officer at the tax preparation company Daniel… [Read More]
Every year the IRS mails letters or notices to taxpayers for many different reasons [Infographics]
What to Do if I Receive a Letter from the IRS? Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If you agree with the information, there is no need to contact the IRS. Note: As explained on the IRS website, you can… [Read More]
More than 2.3 Million Payments Have Gone Out From the IRS
Even if you already got your third stimulus check, it’s possible that you can get an additional check. The IRS is sending out additional payments to people who didn’t get quite as much of the stimulus payment as they were meant to. About 1395 billion in payments have been made overall since the American Rescue… [Read More]
Disaster Financial Assistance for Workers and Small Business Owners [Infographics]
Get financial help from the government if you qualify. If you are a worker or a small business owner, and you’ve been affected by the COVID-19 pandemic, you may also qualify for additional disaster financial assistance. Related: Small Business Services.
Disaster Financial Assistance with Food, Housing, and Bills [Infographics]
What Disaster Financial Assistance is available? During the COVID-19 pandemic, you may qualify for additional help with food and bills. Learn about mortgage and rental relief. Related: Virtual Tax Prep
You May Qualify for Additional Help with Food and Bills
Disaster Financial Assistance with Food, Housing, and Bills During the COVID-19 pandemic, you may qualify for additional help with food and bills. Learn about mortgage and rental relief. What Disaster Financial Assistance is available? If you are a worker or a small business owner, and you’ve been affected by the COVID-19 pandemic, you may also… [Read More]
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