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 […]

PAYROLL TAX CUT AXED IN STIMULUS BILL

Payroll tax cut axed in stimulus bill. Republicans crafting their own plan for a new U.S. virus bill broadly endorsed a fresh round of stimulus checks to individuals extended supplemental jobless benefits and more money for testing while voicing doubts over President Trump’s desired payroll tax cut. The problems began in negotiations with Democrats on […]

IRS GRANTS VIRUS TAX RELIEF

IRS grants virus tax relief. Whenever the economy or our Nation encounters an event that shakes the foundations of our society, and impacts the economy in its wake, eventually the IRS reacts and issues memorandums and notices, granting taxpayers and impacted businesses tax relief. The type and various forms of the tax relief depend upon […]

COMMON TAX MISTAKES TO AVOID

Common tax mistakes to avoid. Small errors lead to expensive tax bills. Tax software–of the old fashioned paper forms and calculations–won’t help much when the numbers that human beings use in the first place are flawed. Finding and entering tax information often isn’t always easy. “That part of the process requires reading comprehension and critical […]

CONGRESS MAY LET YOU USE RETIREMENT

Congress may let you use retirement. You may soon be able to withdraw up to $100,000 from your 401(k) retirement plan amid the coronavirus outbreak. Just make sure you read the fine print before you jump in. The Senate is currently negotiating over a package of COVID-19 stimulus measures, one of which allows savers to […]

NEW IRS STANDARD MILEAGE RATES

New IRS standard mileage rates. The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced in Notice 2020-05. For business use of a car, van, pickup truck, or panel truck, the rate for 2020 will be 57.5 cents per mile in […]

U.S. MILITARY TAX RELIEF INFORMATION

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U.S. military tax relief information. For federal tax purposes, the U.S. Armed Forces includes officers and enlisted personnel in all regular and reserve units controlled by the Secretaries of Defense, the Army, Navy, and Air Force. The Coast Guard is also included, but not the U.S. Merchant Marine or the American Red Cross. However, these […]