The IRS has two websites to help with stimulus payments: One for non-tax filers to register to receive their economic impact payment and a new “Get My Payment” tool. Background As a response to the COVID-19 pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is…

Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of…

A clever new way to save… With close to 85% of purchases made with credit or debit cards, many people have forgotten the satisfying clinking sound of tossing a penny, nickel, dime or quarter into a glass jar of spare change. But all that is starting to change! Clever new savings ideas In today’s world…

Families First Coronavirus Response Act provides worker benefits The Families First Coronavirus Response Act is a new law passed last week that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs…

Below is a summary of two new federal government programs recently signed into law.  The ink is still drying, so we are still reviewing the fine print, but here are the basics: Economic Injury Disaster Loan Program $10,000 quick up-front cash (generally forgiven unless you get PPP loan, then it must be paid back) Up to $2…

The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know: The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15, regardless of the amount owed….

How to Succeed as an Independent Contractor Are you one of the now 33% of Americans who work as either an independent contractor or freelancer? If you answer yes, you are now a participant in the gig economy, a modern term for an economy characterized by workers who earn money through short-term contracts or freelance…

Should You Buy or Rent a Home? The pros and cons of renting versus buying For many folks, the lyrics of a 1960s rock song summarize the American dream: “Our house is a very, very, very fine house.” According to U.S. Census figures, about two-thirds of American families are homeowners. But buying a house or condo may…

The IRS Data Theft Problem Here’s how to minimize your risk What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information? The IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals,…

With the major Form W-4 overhaul for 2020, you may field questions from your employees concerning their federal paycheck tax withholdings. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer common questions about the new IRS form. Here is a summary of the W-4…