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,
If you’ve ever found yourself feeling like your taxes control you rather than the other way around, you’re not alone. Plenty of taxpayers often feel that their refund — or the amount they owe — is out of their hands. While this is a common sentiment, it isn’t the way things have to be. In
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?
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
Because the majority of taxpayers in America take the standard deduction — meaning they do not elect to itemize — charitable donations aren’t necessarily a big consideration come tax time. Due to the CARES Act, however, things are a bit different for 2020. Thanks to federal coronavirus relief legislation, taxpayers are now able to take
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
Curious what all the fuss is about with Public Service Loan Forgiveness? We answer your top questions, including whether forbearance on your loans in 2020 will impact your tax return. 1. What is Public Service Loan Forgiveness (PSLF)? Public Service Loan Forgiveness is a federal program many people rely on to have their student loan
Andrew Oswalt, senior tax analyst at TaxAct, explains why your stimulus money will not impact your 2020 tax outcome when you file next year. Click to watch! [embedded content] Have more questions? Visit our Everything You Need to Know About the Stimulus Payments blog post for additional details regarding your stimulus payment.
Listen to this: the IRS has more than $1.5 billion in outstanding refunds remaining unclaimed from 2016. Not thousands. Not millions. Over ONE BILLION dollars are just sitting with the IRS, waiting for you to come get it. You have three years In most cases, you have a three-year window to file a tax return