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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]

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]

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 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]

The $1.9 trillion aid package that President Joe Biden signed into law in March temporarily expands the child tax credit. For the 2021 tax year, the credit is upped to $3,000 per child age 17 or younger and $3,600 for children under the age of six. That’s up from the original $2,000 child tax credit… [Read More]

Here’s the latest timeline on when you might see the money and what to do if you haven’t received it yet. The IRS has started processing and sending out stimulus checks for millions of Americans after President Joe Biden signed the $1.9 trillion coronavirus relief package. Refer to Third Economic Impact Payment. But it could take… [Read More]

QuickBooks Online allows you to invite different users through the Manage Users page. If you’d like to give us, Daniel Ahart Tax Service®, access to your company, see the steps below. What does this mean to you? Choose the QuickBooks Online plan that is right for your business. If you need help choosing, chat with us online… [Read More]

The stimulus payment is technically a tax credit The economic impact payment, as the IRS calls it — reduces your income, which reduces the amount of tax you owe. To illustrate this, if you had $50,000 in income and had a $5,000 tax deduction, your deduction would reduce your taxable income by $5,000. Do I… [Read More]

If you’re in line for a stimulus payment, here’s why you shouldn’t wait to file your taxes on May 17: As we informed our readers in a previous blog, the IRS announced in March that it was extending the tax deadline from April 15 to May 17. The additional month (32 extra days to be precise)… [Read More]

You can calculate the capital gains/losses on your crypto transactions with the use of a simple formula: Fair Market Value (FMV) – Cost Basis = Capital gain or loss Where: FMV = the price that an asset, such as cryptocurrency, would sell in the open market to a willing buyer. Cost basis = The amount… [Read More]

For the second year in a row, you have additional time to file your federal taxes. The Treasury Department and Internal Revenue Service announced on March 17, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021…. [Read More]

Virtual currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. Virtual currency serves as a digital representation of value that is generally tracked through a blockchain or… [Read More]