Tag: <span>tax</span>

Why The $300 Cut to the Original $600 FPUC Unemployment Stimulus Benefit and 2021 Extension is a BIG Deal

Congressional leaders and the President have now approved a $900 billion stimulus plan that includes funding for extending federal pandemic programs (PUA, PEUC) and providing another supplementary unemployment benefit (FPUC) of $300 per week for millions of unemployed or underemployed Americans. This new $300 payment will be made to eligible recipients between December 27th,…

A Little Help for Those in Need…

On my post around the Coronavirus outbreak delaying tax refunds I recieved the following comment from Andrea: My husband is a barber and self-employed and due to him being self-employed we can’t get unemployment to do all together we’re pretty much screwed all barber shops in all beauty salons got…

2020 Fiscal Economic Stimulus to Combat Recession Fears Amid Coronavirus (Covid-19) Outbreak

[Latest Update] In addition to the FFCRA act, Congress has now passed a much larger fiscal stimulus bill (the third one) aimed at addressing the rapidly deteriorating jobs and economic situation as the Coronavirus related shutdown continues. The new stimulus package is nearly $2 Trillion (that's right, 12 zeros!) and…

Will Coronavirus (Covid-19) Impacts Delay my 2019-2020 Tax Refund Due to IRS Processing Slowdowns

2020 Coronavirus Tax Refund Delays (This is a live article that is updated regularly) As the Coronavirus impact widens we are already seeing major hits to the real economy that will take the US into a recession in 2020 and into 2021. While stock markets are falling rapidly (don’t panic…

It’s not a refund dummy – it is the IRS returning to you, the amount you sent to them for free

The title of this article sums up a theme from irate tax payers who complain that people should be annoyed when they receive a tax refund, not happy! The premise behind this is that a refund is basically the IRS giving you back your money that you "loaned" the IRS…

Tax Season and IRS Tax Refunds Being Processed (or Not) – Latest Updates and News

Get the latest information on IRS refund processing and direct deposit schedules in this updated article. You can also see these articles for determining your IRS Cycle/Batch code and estimated deposit date via your official IRS tax transcript. The IRS expects more than 70% of taxpayers to get tax refunds…

Losing the $4,050 Personal Exemption But Doubling The Standard Deduction

As part of the GOP tax reform bill to support President Trump’s tax reform agenda the Personal exemption is being fully eliminated in 2018. This will be reflected when you file your taxes in 2019. The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be taken for yourself, your spouse,…

Updated 401K, IRA Contribution Limits For 2021 vs 2022 Estimated Changes

The IRS has released its latest cost of living adjusted retirement plan contribution limits and qualifying income thresholds for 2021. The table below shows the recent year over year changes. I have also listed expected 2022 changes based on my research and recent inflation figures (which also resulted in a…

I Like Donald Trump But Will Drop Him Like a Hot Potato if He Raises My Taxes

The title of this article is from a reader (Barry P.) who had this comment on Trump's proposed tax reforms: I live in Massachusetts and make $61,000.00 annually. I own a home and pay mortgage interest of around $12,000 dollars. My state income taxes and property taxes amount to another…

Can a Taxpayer Advocate Help Get My Delayed Refund Released?

The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that can help filers with tax problems they can't resolve on their own, or if they have exhausted all standard IRS channels and not getting an adequate response. Every state has at least one local TAS center that…

Refund Direct Deposit Date (DDD) Earlier Than Expected? 2024 IRS Direct Deposit Timings, Payment Delays and Fixing Incorrect Bank Information

Despite ongoing processing delays the IRS is continuing to process and pay tax refunds. However there are still a lot of folks seeing delays in getting their refund payment despite the Where is My Refund (WMR) IRS tool showing that the return has been approved (2 bars) and/or refund sent (3…

Answers to The Most Searched for Tax Season Questions

Common IRS Tax Questions This time of year taxes are on the forefront of most Americans personal finances. Which leads to searching online for questions like, "When can I file?", "How do I file?", "How much of a refund will I get back?", and "Why is the IRS taking so…

Using Your Credit or Debit Card to Pay Taxes – Costs, Convenience and Other Factors To Consider

Many tax payers may find themselves owing taxes to the IRS or to their state tax agencies after preparing their tax return. Cash flow may be a bit tight, so they may opt to pay via their debit or even credit cards. But before doing so, it pays to be…

6 Tax Breaks for the 2016 to 2017 Tax Filing Season

It is almost that time of year again....tax season! We have compiled a list of six tax breaks for the 2016-2017 tax season that will lower your taxes due and increase the amount of your refund. The first topic is Earned Income Credit (EIC). The rules on this can be…

Tag: tax