If a heavy highway vehicle is registered in your name, mark August 31 on your calendar. That’s the deadline to file Form 2290, Heavy Highway Vehicle Use Tax Return. Here are a few other things to remember about this form: The heavy highway vehicle use tax applies to highway motor vehicles with a taxable gross weight [...]
Do you own a vacation home you sometimes rent to others? If so, there are rules on reporting your rental income and expenses. For example, if you rent out your vacation home only for a short time (fewer than 15 days a year), you may not have to report it at all. That means generally, if [...]
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 [...]
