Easily Check the Status of Your Refund Article Highlights: Your Federal Tax Refund Status Can Be Checked Online Delay When Claiming Earned Income Tax Credit or Additional Child Tax Credit “Where’s My Refund?” Refunds Are Generally Issued Within 21 Days of E-Filing Paper Filed Return Will Take Longer Information Needed to Check Refund Status Direct…

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IRS Extends Individual Return Filing Date Article Highlights: IRS Announcement Limited to Individual Tax Returns Tax Due Payments Further Extensions 2021 Estimated Tax Payments Not Extended The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021 to May 17, 2021. This was meant to be…

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Are Your Unemployment Benefits Taxable? Article Highlights:  CARES and COVID Tax Relief Acts Unemployment Benefits American Rescue Plan Tax-Exempt Portion of Unemployment Bogus Forms 1099-G Kiddie Tax and Unemployment States’ Taxation of Unemployment With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment…

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Special Rules Apply to 2020 EITC and Child Credit Article Highlights: Employment (Earned) Income Earned Income Tax Credit (EITC) Child Tax Credit (CTC) 2019 or 2020 Earned Income Credit Qualifications Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax…

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4 Questions Business Owners Should Consider During the 2020 Tax Season As if 2020 wasn’t challenging enough, this season’s tax-filing is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a…

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Tax Time is Around the Corner! Are You Ready?   Article Highlights: Time to Gather Your Information New for 2020 Choosing Your Alternatives Tips for Pulling Your Information Together Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation…

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 Should You Charge Late Fees? QuickBooks Can Help   Do you have a lot of aging receivables? Assessing finance charges can speed up customer payments. Have your customers been submitting payments later than usual these last several months? It wouldn’t be surprising. Many businesses are struggling to pay bills these days. Still, you need to…

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  Highlights: Standard Mileage Rates for 2021 Business, Charitable, Medical and Moving Rates Important Considerations for 2021 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical…

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    Article Highlights: • Economic Impact Payments• High-Income Taxpayer Phaseout• Using the 2018 and 2019 Returns• Who Qualified for a Rebate?• Deceased Individuals• Tax Return Non-filers• Reconciliation on the 2020 Return One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may…

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