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...
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...
While many were holding out hope for a new COVID-19 stimulus package, that doesn’t seem to be coming any time soon. In response to this, the Small Business Administration (SBA) and the Treasury Department have offered their own sort of relief for small businesses seeking...
The impact of the COVID-19 pandemic has left millions of Americans on unemployment benefits—many of them for the first time. As businesses close or as they reduce their staff size, former employees are turning to unemployment income to make ends meet. But what many first-time...
Contributing to your retirement accounts is an important investment into your financial future—but it can offer you some tax benefits too. It’s important that you consider both the immediate and future tax implications of your retirement contributions so that you can take control of your...
