SHOULD MARRIED COUPLES FILE JOINTLY
Should married couples file jointly. A choice is given to married couples at tax time, to file jointly or separately. Most married people automatically file joint returns because they can get a lower tax rate, but some situations exist where filing a joint return would in fact be better. Some of the reasons to file […]
SIMPLIFIED ACCOUNTING FOR SMALL BUSINESS
Simplified accounting for small business. The IRS finalized updates to various accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax cuts and Jobs Act, P.L. 115-97. The regulations finalize proposed regulations issued with a few changes in response to comments that were made. For […]
WHEN WILL YOU GET BIDENS TAX STIMULUS
When will you get bidens tax stimulus. President Biden’s $1.9 trillion dollar tax relief plan proposes another batch of checks for Americans of $1400 for just about all Americans. With the economy now showing signs of weakness, a lackluster jobs report, due to increased Coronavirus cases, this next round of checks could provide relief to […]
IS STIMULUS BASED ON 2020 OR 2019 TAXES
Is stimulus based on 2020 or 2019 taxes. What if you made more money in 2020, but the check is based on your 2019 taxes ? Taxpayers receiving an advance payment that exceeds their maximum eligible credit based on 2021 tax return information will not be required to repay any amount of the payment to […]
AMERICANS DRAINING RETIREMENTS DUE TO COVID
Americans draining retirements due to covid. Nearly 60% of Americans withdrew from their retirement accounts during the pandemic, according to a recent survey from finance magazine Kiplinger and Personal Capital, a wealth management organization. The pandemic caused many people to borrow from their future in order to meet everyday needs throughout state shutdowns and the […]
