News

Tax Deductions Guide and 20 Popular Breaks for 2020 and 2021

Source: nerdwallet.com - Jan 8, 2021

Tax deductions and tax credits can be huge money-savers — if you know what they are, how they work and how to pursue them. Here's a cheat sheet. What is a tax deduction? A tax deduction lowers... Read more >

Category: General Business

Mega Millions $510M jackpot: Here’s the tax hit

Source: foxbusiness.com - Jan 8, 2021

The Mega Millions jackpot surged to $510 million this week, after no winner was declared during Tuesday’s drawing. The massive prize represents only the eighth time that the jackpot has exceeded... Read more >

Category: General Business

How concerned investors should be about Biden’s tax proposals

Source: cnbc.com - Jan 8, 2021

Stocks and taxes: what’s going to happen? The Democrats’ control of Congress has shone a new spotlight on Biden’s tax proposals, particularly those that would affect stocks and bonds.... Read more >

Category: General Business

Still waiting on your New Orleans property tax bill? It's been delayed, and here's why.

Source: nola.com - Jan 7, 2021

Waiting on your property tax bill in New Orleans? So is the rest of the city. Blame paperwork problems and overly optimistic city officials for holding up the annual notices telling property... Read more >

Category: General Business

Eligible Paycheck Protection Program expenses now deductible

Source: irs.gov - Jan 7, 2021

IR-2021-04, January 6, 2021 WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such... Read more >

Category: General Business

Guidance permits change in vehicle use valuation during pandemic

Source: journalofaccountancy.com - Jan 7, 2021

In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method (57.5 cents for 2020, 56 cents for 2021) for... Read more >

Category: General Business

Netherlands To Introduce New Environmental Taxes

Source: tax-news.com - Jan 7, 2021

The Netherlands is to introduce a new tax on international flights starting on January 1, 2021. The measure was included in a recently approved package of tax changes for 2021. click source to... Read more >

Category: General Business

IRS overlooks billions in potential taxes from nonfilers

Source: accountingtoday.com - Jan 6, 2021

The Internal Revenue Service hasn’t been pursuing cases involving hundreds of billions of dollars in income from individuals and businesses whose income has been showing up in Form 1099-K... Read more >

Category: General Business

Furious TurboTax and H&R Block customers demand their $600 stimulus — IRS says some checks were sent to inactive bank accounts

Source: marketwatch.com - Jan 6, 2021

As 2021’s first week kicks off, funds from the second round of stimulus checks are starting to become available — but not necessarily for some H&R Block and TurboTax customers who are now... Read more >

Category: General Business

Some taxpayers find relief payments sent to wrong account

Source: apnews.com - Jan 6, 2021

A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for... Read more >

Category: General Business

Economic Impact Payments on their way, visit IRS.gov instead of calling

Source: irs.gov - Jan 6, 2021

IR-2021-01, January 4, 2021 WASHINGTON — The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather... Read more >

Category: General Business

IRS issues standard mileage rates for 2021

Source: irs.gov - Jan 6, 2021

IR-2020-279, December 22, 2020 WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile... Read more >

Category: General Business

Stimulus payments: Watch out for scams, and learn how to get your money if you didn't get a check in 2020

Source: uspirg.org - Jan 6, 2021

Some of your friends or relatives or co-workers likely received their stimulus payments in their bank accounts today. Did you? The federal government last week said payments of up to $600 per... Read more >

Category: General Business

Besides PPP, there’s another forgivable loan program for small businesses thanks to the new stimulus bill

Source: inquirer.com - Jan 5, 2021

During the summer, I wrote about a little-known clause in the CARES Act that turned into a big savings for many small businesses that received loans from the Small Business Administration. That... Read more >

Category: General Business

What we know about the new PPP loans for small businesses

Source: kcra.com - Jan 5, 2021

SACRAMENTO, Calif. — Small businesses struggling from the COVID-19 shutdowns are getting another round of financial help with the latest spending bill passed by Congress. Of the $900 billion... Read more >

Category: General Business