If 2020’s economic downturn put you in the position of needing to apply for unemployment benefits, you may have been under the impression that those benefits were not subject to state or federal taxes. Unfortunately,… Unemployment + Taxes
Opening Day for the IRS is Today February 12, 2021. The Internal Revenue Service has set the opening day for the 2021 tax filing season for Friday, Feb. 12, 2021. That’s the day the IRS… Top Facts Filers Should Know for IRS Opening Day
In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make the tax season… What to Expect During the 2021 Tax Season
Bitcoin mania is upon us. It has been widely publicized that the cryptocurrency, Bitcoin, has reached record highs in value over the past month. Investors are making nice profits with Bitcoin, and the IRS is… How The IRS Taxes Bitcoin
With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits… Unemployment Compensation Is Taxable; Have Tax Withheld Now And Avoid A Tax-Time Surprise
Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. You carry on a trade or business as a sole proprietor or an independent contractor. You are a member of a partnership that carries on… Self-Employed Individuals Tax Obligations
Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between… Earning Side Income: Is it A Hobby Or A Business?
Even though the IRS issues most refunds in less than 21 days, it’s possible a taxpayer’s refund may take longer. Several factors can affect the timing of a taxpayer’s refund after the IRS receives their… Here’s what to know about getting a Tax Refund
Of all the intricacies of tax preparation, few aspects are as beneficial as electronic filing or e-filing. Not only is this advantageous to the Internal Revenue Service, as it reduces paperwork, it is also a… The Benefits Of Electronic Filing
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are not… Self-Employment Tax