If you didn't get a first and second Economic Impact Payment or got less than the full amounts, you can still get that missing money - but you need to act. If you're eligible, the only way to get your payments is to file a 2020 tax return, which you can still do after the tax [...]
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 [...]
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 [...]
The IRS is committed to making sure there are resources available to help all taxpayers understand their tax obligations. IRS.gov has information for people who are not comfortable interacting in English. Many of the most-visited pages, forms, instructions, and interactive tools on IRS.gov are also available in Spanish. Additionally, taxpayers can find information in Russian, Haitian-Creole, [...]
The Work Opportunity Tax Credit benefits employers who hire people from targeted groups who consistently face significant barriers to employment. These groups include certain veterans, recipients of Supplemental Security Income benefits, ex-felons, summer youth employees, and vocational rehabilitation referrals. This tax credit encourages workplace diversity and facilitates access to good jobs for American workers. Before claiming [...]
