A Summary of Biden’s Tax Policies: How Would They Affect You?
Tax Defense Partners (TDP)
by Harry
3y ago
The economy is always an important issue in a presidential election year. And though there are many highly-charged issues of concern this year, research shows that the American economy is still the most important issue among voters. The economy topped a recent Pew Research Center survey on the top issues for voters in the 2020 election, with 79% of voters saying the economy was “very important” to them. A recent poll from Gallup echoed these results, finding that 89% of voters considered the presidential candidates’ positions on the economy either “extremely” or “very” important to their vote ..read more
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IRS Announces New 2021 Tax Brackets, Tax Credit Limits, and More
Tax Defense Partners (TDP)
by Harry
3y ago
This week, the Internal Revenue Service (IRS) announced the annual inflation adjustments for the 2021 tax year. These adjustments include the official 2021 tax rate schedules, standard deduction amounts, capital gains tax rates, and more, providing taxpayers and accountants with all they need to start tax planning for 2021. The IRS document that details the 2021 tax year adjustments, Revenue Procedure 2020-45, provides the adjustments for over 60 tax provisions. Below, we’re taking a closer look at some of the most notable tax items among these provisions, starting with 2021’s tax brackets and ..read more
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Coronavirus Relief Stalls: Updates on New Stimulus Package
Tax Defense Partners (TDP)
by Harry
3y ago
The economic impact of the coronavirus pandemic has led to the highest unemployment rate in the United States since the Great Depression. This year, the federal government has passed several bills that offer relief to Americans who have been impacted by COVID-19, including the Coronavirus Aid Relief and Economic Security (CARES) Act. This $2.2 trillion economic stimulus package is responsible for many types of much needed financial relief, including one time Economic Impact Payments (also known as stimulus checks), expanded unemployment benefits, and a $600 weekly unemployment bonus. Aid effor ..read more
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IRS Wants Non-Filers to Register for Stimulus Checks by October 15
Tax Defense Partners (TDP)
by Harry
3y ago
The Internal Revenue Service has processed over 159 million Economic Impact Payments, also known as EIPs or stimulus checks. While the IRS has now sent payments to a high percentage of qualifying Americans, a recent statement from the government agency indicates that a significant number of non-filers still need to receive their stimulus checks. The IRS is reminding non-filers who have not received their stimulus check that they need to register using the IRS Non-Filers tool on IRS.gov in order to receive their payment. They’re also encouraging non-filers to register for their stimulus check b ..read more
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New IRS Rules Benefit Business Owners During COVID-19
Tax Defense Partners (TDP)
by Harry
3y ago
In March, the United States federal government passed two COVID-19 relief bills: The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid Relief and Economic Security (CARES) Act. These bills are responsible for a variety of relief options designed to help small business owners weather the coronavirus pandemic, such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). They also included some lesser known tax relief options for business owners, including some tax credits and tax deferral options that could be very valuable for corporations and s ..read more
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CARES Act Unemployment Benefits and Your Taxes
Tax Defense Partners (TDP)
by Harry
4y ago
To help the many Americans experiencing unemployment during the novel coronavirus pandemic, this March the federal government passed the CARES Act. One of the provisions in the CARES Act, Pandemic Unemployment Assistance (PUA), expands unemployment benefits, allowing workers who are usually not eligible for unemployment benefits to qualify for the program. Thanks to PUA, certain business owners, self-employed workers, independent contractors, and workers with a limited work history can currently qualify for unemployment. Another provision in the CARES Act, Federal Pandemic Unemployment Compens ..read more
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Americans Take Advantage of the Tax Deadline Extension
Tax Defense Partners (TDP)
by Harry
4y ago
The novel coronavirus pandemic has had an enormous impact on this year’s tax season. As a result of the pandemic, the Internal Revenue Service has pushed back Tax Day for all Americans for the first time in over five decades, moving it to July 15, 2020. And, according to the data that has been released by the IRS, at least 21 million Americans have taken advantage of that extension. An Overview of the Tax Deadline Extension Due to the rapid spread of COVID-19 in the United States, the president declared a national state of emergency on March 13, 2020. Also in March, many in-person businesses w ..read more
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Self-Employed: Unemployment Insurance Or Paycheck Protection Program
Tax Defense Partners (TDP)
by Harry
4y ago
The coronavirus pandemic has hit many Americans workers hard, as millions of citizens have lost jobs or had their hours cut drastically. To help Americans struggling with a loss of work due to the COVID-19 pandemic, the United States federal government passed the Coronavirus Aid Relief and Economic Security (CARES) Act. The CARES Act offers assistance for many Americans, including those who usually do not have access to the unemployment benefit programs that are available to traditionally employed workers, such as self-employed workers, gig workers, and freelancers. The CARES Act allows qualif ..read more
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New IRS Tool To Update Stimulus Check – Direct Deposit
Tax Defense Partners (TDP)
by Harry
4y ago
Thanks to the CARES Act, millions of Americans qualify to receive an Economic Impact Payment, also known as a coronavirus stimulus check. Since the passing of this economic relief package on March 27th, many qualifying citizens have wondered when and how they’ll get their payment. While this was a subject of mystery for some weeks, the IRS has now created a tool that allows qualifying taxpayers to view the status of their stimulus check and update their direct deposit information. Features of the New IRS Get My Payment Application The new Internal Revenue Service tool, Get My Payment, allows t ..read more
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What You Need to Know About the New Tax Deadline
Tax Defense Partners (TDP)
by Harry
4y ago
Tax Day always falls on or shortly after April 15– but not this year. Last month, Treasury Secretary Steven Mnuchin announced that the federal tax deadline for individuals and businesses would be moved to July 15 due to the coronavirus pandemic. This three month tax extension allows American taxpayers additional time to deal with their taxes during this challenging time in our history. Details on the New Tax Deadline The movement of the tax deadline was made possible by President Donald Trump’s Emergency Declaration. President Trump’s Emergency Declaration, issued on March 13, instructed the S ..read more
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