Is this payment considered taxable income? No, the economic impact payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs. Why is my payment lower? Some people who are eligible for the economic impact payment have received an amount smaller than they expected. If you filed your 2019 tax return but it was still processing at the t ..read more

The following is a guest blog post by Sharon Wagner at seniorfriendly.info. Many retirees decide to continue working, whether for financial or personal reasons. While continuing in the same career is one option, some seniors are looking for more flexible opportunities that still allow them to enjoy retirement. With that in mind, here are three of the best options for seniors seeking second careers. Becoming an Insurance Agent Is Ideal for Sociable Seniors Selling insurance part-time can be a fulfilling and lucrative way to spend your retirement. Especially for those with a background in sales ..read more

The IRS is taking extra measures to help Americans during the COVID-19 pandemic. In addition to extending the filing and payment deadline to July 15, 2020, the IRS has also temporarily suspended certain payments and other items due between April 1 and July 15, 2020. Here is a summary of the key actions in the IRS People First Initiative: Existing Installment Agreements – For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are currently unable to comply with the terms of an Installment Payment Agreement, includin ..read more

While the federal tax filing and payment deadlines have been delayed to July 15, 2020 due to the coronavirus, state tax deadlines are still set by the state. Some have moved with the federal dates, but some have not. It’s important that everyone check with their state guidelines to see if and when the deadlines have moved to avoid paying fines and interest accruing on your state taxes. Here in Virginia, the filing deadline has not changed and is still Friday May 1, 2020. If you have still not filed your Virginia State tax returns you have a little over two weeks to finish to avoid any pen ..read more

Provide Updated Information to the IRS & Check the Status of your Economic Stimulus Payment with these Tools… Are You a Non-Filer? New Tool Available to Provide Updated Info to IRS If you don’t file taxes, use the “Non-Filers: Enter Your Payment Info Here” application to provide simple information to the IRS easily and quickly with no fee so you can get your payment. The IRS will use this information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action. You should use th ..read more

Due to the COVID-19 pandemic, many Americans are facing economic hardships right now. The U.S. government has approved Economic Impact Payments, also called stimulus payments, to help provide some relief to Americans and they have just starting going out. Find Out Who IS Eligible Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of ho ..read more

The stimulus bill passed by Congress can help individuals and small businesses in need now, but you may need to file your taxes as soon as possible to get the benefits. Due to the outbreak of the covid-19 virus, the US Treasury announced that both the tax filing and payment deadlines would be pushed back from April 15, 2020 to July 15, 2020. The reason for this is to give citizens and businesses more time to pay their taxes while we endure the economic difficulties that come with quarantines and social distancing. If you owe taxes from last year, you can now wait to pay them until July and ..read more

In a tweet Friday morning, March 20, 2020, Secretary of Treasury Steven Mnuchin announced that the IRS is moving the federal tax filing deadline from April 15, 2020 to July 15, 2020 due to the coronavirus outbreak. At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.— Steven Mnuchin (@stevenmnuchin1) March 20, 2020 Just three days ago, Mnuchin announced that the IRS would extend payment deadlines to July 15, 2020, but now the filing date has be ..read more

With April 15 now less than a month away, it’s important to know how to file your taxes properly and claim all the credits and deductions you can. Unfortunately, most people still don’t know the difference, which can cost them hundreds or even thousands in unclaimed refunds. The main difference is this: a tax credit reduces the amount of your tax liability, while a tax deduction reduces the amount of taxable income. At the bottom line, both are reducing the amount of taxes you pay and in theory they could save you an equal amount of money. However, the mechanics of how they’re ..read more

Treasury Secretary, Steven Mnuchin, announced yesterday that the IRS is extending the payment due date by 90 days for all individual taxpayers and businesses who owe additional federal income tax for 2019 to the IRS. This new payment deadline of July 15, 2020. Individual taxpayers and small businesses can defer up to $1 million, while corporations can defer up to $10 million, without interest or penalties. It’s important to note that the tax filing deadline of April 15 has not changed, and that this extension only applies to federal income tax payments. Each individual state sets their ..read more