Employee paycheck and money.

Is a Tax Trap Lurking in Your Paycheck?

Thursday, 08 October 2020 by

Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax holiday effective September 1 was recently signed via presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s tax

A hand holding a stimulus check and envelope.

IRS Rolls Out Quicker Fix for Missing, Incorrect Stimulus Payments

Tuesday, 29 September 2020 by

Are you still waiting for your Economic Impact Payment? Did you get your payment but it was for the wrong amount? The IRS initially said you needed to wait until filing your 2020 tax return to resolve any issues with missing or incorrect Economic Impact Payments. Thanks to the prodding of the Taxpayer Advocate Service,

Tax forms with a post-it with tax scams written on it.

IRS Announces Common Tax Scams

Thursday, 10 September 2020 by

The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing.  Phishing refers to potential fake emails or websites looking to steal your

New tax rules for 2020.

NEW Tax Rules for 2020!

Thursday, 03 September 2020 by

Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions.  For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can donate to more than