Taxes

Earlier this week, the latest details of the third COVID-19 relief package were released. The package, which is expected to pass Congress in the coming weeks, includes a $1,400 stimulus payment for individuals and both child and non-child dependents. Let’s breakdown the details of what we know so far. Value of the proposed third stimulus
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There’s no doubting it: having kids is expensive. Between paying for diapers, daycare, and tons of other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate a little of the financial responsibility. 1. Child Tax Credit As a parent, you can take advantage of
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Thinking of switching providers this year? Look no further. TaxAct has the tools and support you need to get your maximum refund and claim the money you’ve already earned when you need it the most. You deserve more from your taxes. TaxAct can help. Reasons to switch 1. Pay up to 30% less to file
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You may have already received your first and second stimulus payments, but did you know there’s a chance you could qualify for even more? That’s right – depending on the life changes you experienced in 2020, you may be owed additional stimulus dollars. In fact, the life changes that occurred for you in 2020 could
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2021 tax dates to highlight on your calendar: January 15, 2021 February 1, 2021 Forms W-2 and 1099 are due to taxpayers. February 12, 2021 Start of the 2021 tax season The IRS recently announced it will open the 2021 tax season and start accepting and processing individual tax returns filed by paper or electronically
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On Jan. 10, 2021, we announced the IRS has committed to reprocessing stimulus payments directly to our customers impacted by the IRS payment error. This decision was made after days spent advocating for our customers and pushing the IRS to rightfully send these much-needed stimulus dollars quickly to our customers. The IRS’ choice to reprocess
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Regardless of your profession, employment status, or location in the U.S., it’s likely that you’ve been financially impacted by COVID-19 in one way or another. The undeniable hit to our economy has proven more than detrimental for millions, and for some, the changes have forced revisions to how we view our current state and the
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You heard right – a second stimulus payout is on the way. Late on Dec. 27, President Trump signed the massive COVID-19 relief and government spending bill, which includes a second round of stimulus payments to eligible individuals across the country. To help bring you quickly up to speed, here’s a basic breakdown of the
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Start a side gig in 2020? Whether you lost your job due to COVID-19, or you simply wanted to earn some extra cash, side gigs tend to complicate your tax filing a bit. Over the years, the IRS refined its rules for gig workers. But obviously, the IRS still wants you to pay taxes on
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With COVID-19 still wreaking havoc across the globe, the U.S. economy has been shaken. In the United States a record number of people are or were once unemployed due to COVID-related shutdowns. Fortunately, many of those individuals qualified for standard state unemployment benefits, plus the additional federal funds offered as a result of the CARES
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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was implemented in March of 2020 in an effort to provide financial assistance for workers, families, and businesses affected by the COVID-19 pandemic. In addition to the Paycheck Protection Program (PPP) and Economic Impact Payments (EIP), the U.S. Department of the Treasury has implemented multiple,
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Life’s most momentous occasions typically impact our finances the most, some more unexpectedly than others. Whether you’ve just purchased a new home or you’re welcoming a new member to the family, your bank account is liable to reflect these changes in a variety of ways. But how do major life events change your tax situation?
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Regardless of one’s current employment situation, it’s no secret that 2020 has put the vast majority of Americans through the wringer in one way or another. Some of those hit the hardest include self-employed individuals such as freelancers, independent contractors, and small- to medium-business owners. The CARES Act and self-employment taxes The CARES Act aimed
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Sept. 1, 2020 marked the first day of the Federal payroll tax deferral, which is a temporary suspension of the 6.2% Social Security tax most traditional employees pay out of each paycheck. We answer your burning questions below. 1. What is the payroll tax deferral? On August 8, President Trump issued a memorandum to the
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