1. 2020 Tax Brackets

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    Updated on Tuesday December 1, 2020: Federal tax brackets for income earned in 2020, to be reported in 2021, are available. As expected, there aren’t major changes to them. For once, the number of brackets hasn’t changed, and they are the same as last year. It’s possible that the new...
  2. Get Ready For The 2021 Tax Season!

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    Updated on Tuesday December 1, 2020: The 2021 tax season is just arounds the corner, and even though we don’t have all the details, taxpayers will be able to begin reporting on their 2020 income in late January. This gives us 2 months to sort out the paperwork and ensure...
  3. How Does The Economic Impact Payment Affect My 2021 Taxes?

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    Updated Tuesday December 1, 2020: Economic Impact payment, also called the Coronavirus Stimulus Payment, is a stimulus check issued earlier this year as the pandemic brought the country to a halt. As a reminder, this direct benefit is an advanced refundable tax credit for up to $1,200 for individuals, and...
  4. Filing Taxes Electronically or On Paper – Tax Tips 2021

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    As we inch closer to another tax season, some of the tax payers may be facing a decision how to file the tax return: electronically or on paper. There has been a slow but steady transition to file taxes electronically for a few reasons. One is that it is arguably...
  5. There’s less than a week to file your 2020 tax returns!

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    Updated on Friday October 9, 2020: Tax payers who filed for extension to file 2020 tax returns have roughly a week to complete it and avoid penalties and any potential interest fees. This year the tax season has been relatively long as the original deadline of April 15 was extended...
  6. No More Delays, The 2020 Tax Deadline is Today! It’s July 15, 2020.

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    Updated on July 15, 2020: COVID-19 has monopolized the news stories over the last few months. As a direct impact of its outbreak, the IRS automatically extended the deadline to file tax returns from April 15 to July 15. It is easy to imagine that preparing to file the income...
  7. How to Get Your Stimulus Check – 2020 Economic Impact Payments

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    The IRS is getting ready to issue the Economic Impact Payments to millions of Americans and is reviewing its 2018 and 2019 tax records to determine who qualifies for the payment and in what amount. The ongoing problem has been the fact that many individuals who potentially qualify for the...
  8. 2020 Coronavirus Stimulus Check – Economic Impact Payment Details

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    More details are released each week about the Economic Impact Payments, commonly called Coronavirus stimulus checks. We recently learned that people who typically do not have to file tax returns, are required to do that in order to qualify for the stimulus check. TurboTax estimates there are about 10 million...
  9. Coronavirus Economic Impact Payments & Ongoing Scam

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    The news about the government stimulus checks for individuals to get through the self-isolation and business hiatus was released over a week ago. The Treasury Secretary, Steven Mnuchin, estimated the checks would be issued sometime in mid-April. As of today, there is still relatively little details on the progress of...
  10. Coronavirus & 2020 Taxes – When Do I File State Income Taxes?

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    A recent decision by the federal government to extend the amount of time to file income taxes has generally met the similar response from the state governments. In order to truly ease the process of filing taxes, limit the cost, and ensure social distancing, many states followed the federal deadlines...