Five Tax Tips for Older Americans
Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are five tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and do not itemize your deductions, you can […]
Social Security Benefits and Taxes: The Facts
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Examples include wages, self-employment, interest, dividends, and other taxable […]
What’s New for 2020 Tax Returns
As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look: 1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS began sending the second round of Economic Impact Payments (EIP2) to millions of Americans as part of the […]
Tax Filing Season Starts February 12
Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round […]
Charitable Donation Deduction Could Lower Your Tax Bill
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020. Designed especially for people who choose to take the standard deduction, rather than itemize. In tax-year […]
Working Remotely Could Affect Your Taxes
When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you’re working remotely from a location in a different state […]
Individual Taxpayers: Recap for 2020
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2020. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married […]
Creating Price Levels in QuickBooks
You already know that when you create a product or service record in QuickBooks, you must assign a sale price to it. But did you know that QuickBooks gives you a great deal of flexibility when to comes to pricing items you sell? The software allows you to create one or more additional Price Levels that you […]
