33 temporary tax breaks (referred to as “tax extenders”) have been set to expire in 2020. 6 of them are related to individual income taxes. 1 Cancelled mortgage debt2 Mortgage insurance premium deduction3 Deduction for Qualified Tuition and Related Expenses4 Credit for Health Insurance Costs of Eligible Individuals5 Medical Expense Deduction 7.5% AGI floor6 Benefits … Read more
On its website, the IRS listed some common scenarios to help explain why your stimulus check was less than expected. 1 You did not file a 2019 tax return or the IRS has not processed your 2019 return2 Your dependents were not eligible for an additional $500 payment3 You were claimed as a dependent on … Read more
On May 12, 2020, House Democrats introduced the HEROES Act which intends to “protect workers and uplift families during the COVID-19 crisis.” Key measures include income and benefits security, more stimulus checks, support for the unemployed, child and family care for essential workers, and emergency assistance for individuals and families. The Act would cost $3 … Read more
On April 26th, the Internal Revenue Service announced significant upgrades to the “Get My Payment” tool and encourages taxpayers to check out the tool again. The enhancements, which started last week and continued through the weekend, adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions … Read more
Many people have received the “wrong amount” of stimulus payment. Here are a couple of things you can try if you’re one of those taxpayers. Calculate the correct amount To begin, you’ll need your AGI from the last tax return you filed. Then either use do your calculation or check out our stimulus payment calculator. … Read more
On 4/15/20, the IRS put up a ‘Get My Payment’ tool that allows taxpayers to check on the status of their economic stimulus payments. This application will give you information about your payment status, payment type, and whether the IRS needs more information from you, including bank account information. The Get My Payment tool can … Read more
On Friday the IRS website made available an online portal for non-filers to submit their information to get their stimulus payments. 1 Who needs to use the portal?2 Who does not need to use the portal?3 What information will you have to provide?4 How do I access the portal? Who needs to use the portal? … Read more
Generally For 2019 tax returns, you’re required to file as follows based on your filing status: IF your filing status is… AND at the end of 2019 you were… THEN file a return if your gross income was at least… single under 65 $12,200 65 or older $13,850 head of household under 65 $18,350 65 … Read more
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. 1 How much can a small business borrow under the PPP?2 What are the repayment conditions?3 Who can get a loan?4 How do I apply for a loan?5 What can the … Read more
To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. 1 Existing installment agreement payments suspended2 Offers in Compromise (OIC) payments suspended3 Liens and levies … Read more