Many people take a passive approach to taxes: You fill out your return, pay what you owe (or collect your refund), then do the exact same thing again next year. However, this reactive strategy can result in you paying thousands more in taxes over the...
With the standard deduction increase provided by the Tax Cuts and Jobs Act of 2017, many Americans are now opting to take the standard deduction instead of itemizing. However, if you’re one of the millions who still itemizes deductions, it’s important that you include every...
Recently, the IRS has begun hiring thousands of new tax auditors in preparation for a serious increase in tax enforcement. The push began back in June, with President Biden’s $579 billion infrastructure plan gaining headway in the Senate. Though the increased IRS enforcement was dropped...
As part of the American Rescue Plan, the Child Tax Credit has been increased for 2021 and the IRS will be sending out monthly payments to qualifying families. These payments are set to begin next month, with the first one scheduled to hit taxpayers’ accounts...
The federal government has recently announced that it will be sending out more checks to the American public. But this isn’t another round of COVID relief payments. Rather, the checks that families will be getting each month between July and December are an advance on...
If you’re scrambling to file your return in the next few days, we have some good news for you: You may have more time than you think. The IRS has pushed the 2021 tax deadline back a month for individuals, but since May 15th lands...
Last year was a difficult one for many businesses. Even with assistance from the Paycheck Protection Program, a lot of small businesses experienced significant financial losses in 2020. But what you might not know is that the CARES Act enacted last year offers more than...
The Tax Cuts and Jobs Act introduced a few years ago began a steady decrease in the deductible amount for renewable energy and other home efficiency upgrades. Now, most of those deductions and credits will be going away at the end of this year, if...
The second round of COVID relief funding was approved just before the New Year, and most individuals have already received their second stimulus checks. But if you’re a business owner, getting your second round of funding isn’t quite as easy. You must go through the...
The Paycheck Protection Program (PPP) was a central part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed in March of this year. It provided loans to help keep businesses afloat, which could be entirely forgiven, so long as they met...
