Issue Number: COVID Tax Tip 2020-172 New things taxpayers should consider as they get ready to file taxes in 2021 When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any … Read more
More tax credits for businesses to take advantage of. Remember, a tax credit is better than a tax deduction because it allows you to reduce the amount of tax owed dollar for dollar. The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The … Read more
Check out this tax credit for small and midsize business regarding COVID-19 Paid Leave. Remember, a tax credit is better than a tax deduction because it allows you to reduce the amount of tax owed dollar for dollar. Small and midsize employers can claim two new refundable payroll tax credits. The paid sick leave credit … Read more
The IRS updates regularly the Get My Payment tool and the Economic Impact Payment page. Also they are updating their FAQ page frequently. The Get My Payment will tell you the projected date when a deposit has been scheduled. The information is updated once a day, usually overnight, so you only need to enter your … Read more