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Economic Impact Payments (Stimulus)
The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, week of 28th Dec 2020. EligibilityGenerally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will…
2021 tax filing season begins Feb. 12
The 2021 tax season will start on Friday, Feb. 12, 2021, when the IRS will begin accepting and processing 2020 tax year returns. The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a…
Last 3 days left to qualify for charity deduction
Under this change, these individuals can claim an “above-the-line” deduction of up to $300 for cash contributions made to qualifying charities during 2020. What that means is that you don’t have to qualify for Itemized deduction (Schedule A) to claim the $300 deduction.
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