Taxable vs. Nontaxable Income

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,…

What’s New for 2020 Tax Returns

What’s New for 2020 Tax Returns As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look: 1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS began sending the second round of Economic Impact Payments (EIP2) to millions…

COVID-related Tax Relief Act of 2020

COVID-related Tax Relief Act of 2020 The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December…

Working Remotely Could Affect Your Taxes

When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you’re working remotely from a location in a different state…

Charitable Donation Deduction Could Lower Your Tax Bill

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020. Designed especially for people who choose to take the standard deduction, rather than itemize. In tax-year…

IRS 2014 Tax Changes – Part 4

Tax Changes Regarding COLAs for 2014 Our fourth part of the IRS 2014 Tax Changes series is dedicated to the changes regarding the Cost of Living Allowance (COLA). The first 3 articles of this IRS Tax Changes series focused of Tax changes related to the Health Care Reform, to Businesses and to Individuals and Households.