UNIQUE IRA OPPORTUNITIES FOR 2020
Article Highlights: 2020 Tax Saving Opportunities Traditional IRA to Roth IRA Conversions Paying the Conversions Tax Required Minimum Distribution (RMD) 2020 RMD Waiver Coordinating Distributions with 2020 Income As bad as it has been financially for many individuals, 2020 does provide some …
The IRS Is Issuing Some Stimulus Payments by Debit Card; Some Are Being Mistaken as Junk Mail and Thrown Out
Article Highlights: Junk Mail Stimulus Payment Debit Card If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven’t already received your stimulus payment from the feds, maybe you …
Here’s What Could Happen If You Try to Short-Change the IRS
Article Highlights: Self-employed taxpayers Underreported income Unscrupulous tax preparers Phony deductions or credits Inflating the Earned Income Tax Credit Taking fake education credits Petty cheating Some refer to it as “creative accounting” or just “a little fudging here and there,” but if …
Senate stimulus deal includes individual checks — but don’t expect the money until at least May
Washington (CNN)Lawmakers struck a $2 trillion stimulus deal early Wednesday that includes sending checks directly to individuals amid the coronavirus crisis — but it will likely take until at least May before the money goes out. Under the plan as it was …
11 tax deductions you won’t want to forget about this year
You may have seen or heard people you know talking about how the new tax law made their refunds smaller than expected last year, or even increased the amount they owed to the IRS. Several common deductions were eliminated by the Tax …
Expecting a Tax Refund in 2020? Here’s How Soon You Can File Your Tax Return
Tens of millions of Americans will get tax refunds when they file their 2019 tax returns, and given that the average one was over $2,800 last year, it’s understandable why people might want to get their money as quickly as possible. Unfortunately, …
IRS Issues 2020 Standard Mileage Rates for Business, Moving, Medical and Charity Deductions
The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates for the use of …
IRS to Open Tax Season Jan. 27, 2020
The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns …
If you’re a business owner, grab this 20% tax break before the year ends
KEY POINTS The 20% qualified business income deduction went into effect in 2018. Businesses with pass-through entities — including S-corporations and LLCs — may qualify. If you’re an entrepreneur with 2019 taxable income below $160,700 if single or $321,400 if married and …
