Unemployment Benefits in 2020 and Your Taxes

Here's a reminder for people who received unemployment compensation in 2020. If you made less than $150,000, you don't have to pay tax on the first $10,200 of your unemployment benefits. If you're married, each spouse receiving unemployment compensation doesn't have to pay tax on those benefits - also up to $10,200 each. Regardless of your [...]

As Hurricane Season Nears, IRS Reminds People to Prepare for Natural Disasters

This article was published by the IRS. The Internal Revenue Service reminds everyone that now is a good time to create or review emergency preparedness plans for surviving natural disasters. In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms, flooding, wildfires and an earthquake. Individuals, [...]

Here’s What To Do if You Must Close Your Business

It's an unfortunate reality that some businesses must permanently close their doors. If this happens to you, there are some tax-related steps you'll need to take. Here's a quick checklist of some things to do. First, if your business is no longer operating, you still need to file all final tax returns for your business by [...]

IRS Sending Letters to More Than 36 Million Families Who May Qualify for Monthly Child Tax Credits

This article was published by the IRS.  The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July. The expanded and newly-advanceable Child Tax Credit was authorized by the American [...]

Here’s Who Will Get Advance Payments of the Child Tax Credit

Recent changes to the Child Tax Credit mean that more than 30 million households will begin receiving monthly payments this July without any further action. Eligible families will receive payments of up to $300 for each child younger than age 6 and up to $250 for each qualifying child ages six to 17.  People will receive [...]

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