Unemployment Update Good news for everyone who collected unemployment and filed their taxes early, before the American Rescue Plan was signed into law, and paid tax on their unemployment earnings. The IRS has announced that they will start making changes to the returns filed early and issuing refunds to taxpayers…
American Rescue Plan Act of 2021 The American Rescue Plan Act of 2021 that was signed into law on March 11, 2021 added more changes to an already confusing tax year. Following is a brief summary of some of the key provisions of the act. These provisions only affect your…
Are you an Educator? If you are a teacher, instructor, counselor, principal or aid in a school for at least 900 hours during the school year for kindergarten through 12th grade students you are eligible to take the educator expense deduction of up to $250 per year. This is an…
IRS 2021 Filing Season Opens Feb 12 The IRS announced that the 2021 tax filing season will begin on Feb 12 this year. This is later than normal, it usually opens late in January. The IRS needed additional time this year to make adjustments for the tax law changes signed…
Charitable Contributions With all the recent changes to the tax code many more taxpayers are taking the standard deduction on their tax return which now provides a greater deduction for them than itemizing would. For anyone taking the standard deduction this would mean losing the opportunity to take a deduction…
More Secure Tax Filings Available For anyone worried about identity theft and someone filing a false tax return in your name the IRS has announced that it is expanding its Identity Protection Pin Program. In the past you could only sign up for the program if your identity was stolen…
