The general rules. At a minimum, you should keep tax records for as long as the IRS has the ability to audit your tax return or assess additional taxes, which generally is three years after you file your return.
Category Archives: AGI (Adjustable Gross Income)
Some people are required to return Economic Impact Payments that were sent erroneously
June 30th, 2020 by Douglas Freeman
Posted in (GAO) The U.S. Government Accountability Office, AGI (Adjustable Gross Income), COVID-19, Economic Impact Payment (EIP), Internal Revenue Service
Tags: Deceased Individuals, Deceased Spouse, Incarcerated Individual, Notice 1444
The IRS says some payments were sent erroneously and should be returned. For example, the tax agency says an EIP made to someone who died before receipt of the payment should be returned
Seniors: Can you deduct Medicare premiums?
June 9th, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Deductable Expenses, Deductions, Health Care, Health Care Insurance, Income Tax, Insurance, Medical Deductions, Medicare Premium Tax Deduction, Medicare Taxes, S Corporation, Self Employed
Tags: Medigap Insurance, Senior Citizens, Seniors
Tax deductions for Medicare premiums. You can combine premiums for Medicare health insurance with other qualifying health care expenses for purposes of claiming an itemized deduction for medical
A nonworking spouse can still have an IRA
June 2nd, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Contributions, Income Tax, Investment, IRA, Retirement, Roth IRA, Tax
Tags: Catch-Up IRA Contributions, Married Couple, Non Working Spouse, Spouse IRA, Tax-Free
Under the spousal IRA rules, the amount that a married couple can contribute to an IRA for a nonworking spouse in 2020 is $6,000, which is the same limit that applies for the working spouse.
Student loan interest: Can you deduct it on your tax return?
May 27th, 2020 by Douglas Freeman
Posted in (CARES ACT), AGI (Adjustable Gross Income), Coronavirus Aid (CARES Act), Deductions, Doucment Retention
Tags: Educational Expenses, Post-High School Educational Institution, Qualified Education Loan, Room & Board, Student Loan Interest, Student Loans, Tax Payers
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
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.
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