How the CARES Act Changes Deducting Charitable Contributions

This article was published by the IRS. Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that's personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income. Here's how the CARES Act changes deducting charitable contributions made in 2020: Previously, charitable [...]

Withhold Tax from Unemployment Now to Avoid a Tax-Time Surprise

This article was published by the IRS.  Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It's important for these individuals to know that unemployment compensation is taxable. People can have taxes withheld from this compensation now to help avoid owing taxes on [...]

Income Ranges for Determining IRA Eligibility Change for 2021

This article was published by the IRS. The Internal Revenue Service has announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. Highlights of changes for 2021 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and [...]

Check Tax Withholdings Now as the Last Quarter of 2020 Begins

This article was published by the IRS.  The Internal Revenue Service today reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020 [...]

Unemployment Compensation is Taxable

This article was published by the IRS.  With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service is reminding people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal [...]

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