In this current time of need, many charitable organizations are seeking contributions to help the greater good. We explain why that contribution should come from your bank account and not your business.
Generally, drug and alcohol addiction treatment expenses are tax deductible as itemized deduction medical expenses.
You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019).
As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, rolled out some big tax benefits.
Unemployment benefits are taxable income for federal tax purposes and also taxable by most states.
The tax code includes a provision that allows the IRS to waive the required foreign residency and presence periods in case of war, civil unrest, or other adverse conditions.
The CARES Act created additional business provisions for bonus depreciation, student loans, limitations on losses and business interests, as well as alternative minimum tax (AMT) credits.
To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year.
Need to tap your retirement accounts for coronavirus-related reasons? We explain how the IRS is addressing the tax issues.
The IRS announced Friday that time is running out for taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment (IR-2020-92). Taxpayers must enter their bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus payments that have not been processed will be transferred to the Bureau of Fiscal Services for paper checks to be delivered, which the IRS estimates will arrive beginning in late May to early June.
