CARES Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making
Category Archives: AGI (Adjustable Gross Income)
Did you get an Economic Impact Payment that was less than you expected?
May 20th, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Child Tax Credit, COVID-19, Economic Impact Payment (EIP), Federal Income Tax Filing
Tags: Debts, Past-Due Child Support
The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for payment.
Answers to questions you may have about Economic Impact Payments
April 21st, 2020 by Douglas Freeman
Posted in (CARES ACT), AGI (Adjustable Gross Income), Economic Impact Payment (EIP), Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Social Security
Tags: Direct Deposit, Head of Households, Married filing Jointly, Payment Status, Railroad Retirement
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting.
COVID-19: IRS announces more relief and details
April 14th, 2020 by Douglas Freeman
Posted in (CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), Coronavirus Aid (CARES Act), COVID-19, Income Tax, Internal Revenue Service (IRS)
Tags: Corporations, Disability Benefits, Economic Impact Payments, Estates, Income Tax Payments, IRS Notice 2020-23, Social Security
New guidance now expands on the filing and payment relief for individuals, estates, corporations, and others. You can access the tool here: https://bit.ly/2JXBOvM
Cash payments and tax relief for individuals in new law
March 31st, 2020 by Douglas Freeman
Posted in (CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), COVID-19, Individual Income Tax, Internal Revenue Service (IRS)
Tags: Cash Payments, Charitable Deductions, Married filing Jointly, Pandemic, Retirement Plans, Tax and Financial Relief
This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments.
Tax credits may help with the high cost of raising children
February 25th, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Child Tax Credit, Dependent Tax Credit, Internal Revenue Service (IRS), Tax Credits, Tax Cuts and Job Acts (TCJA)
Tags: Adoption Taxpayer Identification (ATIN), Social Security Number (SSN), Taxpayer ID Number
Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.
Reasons why married couples might want to file separate tax returns
February 17th, 2020 by Douglas Freeman
Posted in 2019 Tax Return, AGI (Adjustable Gross Income), Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service (IRS)
Tags: Federal Tax Return, Married Couple, Married filing Jointly, Married filing Single, Provisional Income, Series EE Savings Bonds, Series I Savings Bonds, Tax-Free
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation.
There still might be time to cut your tax bill with IRAs
February 6th, 2020 by Douglas Freeman
Posted in 2019 Tax Return, AGI (Adjustable Gross Income), Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Retirement, Roth IRA, Simplified Employee Pension (SEP)
Tags: Deductible IRA, Retirement Contributions, Tax Advantages, Tax Strategy
If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the resulting tax savings on your 2019 return.
Congress gives a holiday gift in the form of favorable tax provisions
December 23rd, 2019 by Douglas Freeman
Posted in 401K, AGI (Adjustable Gross Income), IRA, Required Minimum Distributions (RMDs), Retirement, Setting Every Community Up for Retirement Enhancement (SECURE) Act, Tax Credits, Tax Cuts and Job Acts (TCJA)
Tags: Dental Expenses, Further Consolidated Appropriations Act of 2020, Medical Expenses, New Tax Laws, Roth IRA, Taxpayers
Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump
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