What the CARES Act Says A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets two tax benefits: If you withdraw and keep the money, you pay no 10 percent early withdrawal penalty and you can
There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and
Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep
The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after all, this is tax law. We’ll explain who gets
As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry. You may be able to use a simple strategy to ease this tax burden. If you own an office building
Planning to buy more business vehicles this year? New to this year the Tax Cuts and Jobs Act increased bonus depreciation to 100%. Unlike most tax provisions that involve a tax election, the one requires you to elect out
The EITC is a benefit for working people with low to moderate income. To qualify there are a couple different requirements that must be met such as: -you have earned income and adjusted gross income within certain limits; AND
