If you’ve already received your economic impact payment, you’ve probably already received Notice 1444. Make sure you keep it, as you may qualify for a refundable credit on your 2020 return.
Due to COVID-19, the IRS extended the tax filing deadline to July 15th—but that tax deadline applies to other items!
The IRS issued Notice 2020-51 that clears up any misconceptions about your 2020 RMDs. If you took any RMD withdrawals prior to the suspension of RMDs, you can redeposit your withdrawal to your retirement account by Aug. 31, 2020.
The purpose of this credit is to reward businesses that pursue innovation by continually increasing investment in research activities.
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.